北京市中伦律师事务所 关于锐捷网络股份有限公司 2025 年第二次临时股东大会的 法律意见书 本所及本所律师依据《中华人民共和国证券法》（以下简称"《证券法》"）、 《律师事务所从事证券法律业务管理办法》和《律师事务所证券法律业务执业规 则（试行）》等规定及本法律意见书出具日以前已经发生或者存在的事实，严格 履行了法定职责，遵循了勤勉尽责和诚实信用原则，进行了充分的核查验证，保 证本法律意见书所认定的事实真实、准确、完整，所发表的结论性意见合法、准 确，不存在虚假记载、误导性陈述或者重大遗漏，并承担相应法律责任。 本法律意见书根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《证券法》、中国证券监督管理委员会（以下简称"中国证监会"）《上市公司股 东会规则》（以下简称"《股东会规则》"）及《深圳证券交易所上市公司股东会 网络投票实施细则》（以下简称"《股东会网络投票实施细则》"）等现行有效的 法律、法规、规范性文件以及《锐捷网络股份有限公司章程》（以下简称"《公 司章程》"）、《锐捷网络股份有限公司股东大会议事规则》（以下简称"《股东 大会议事规则》"）的规定而出具。 二〇二五年十一月 北京 • 上海 ...

格隆汇11月27日丨锐捷网络(301165.SZ)在投资者互动平台表示，目前公司尚无光电路交换机(OCS)产 品。公司始终对该领域保持着积极关注和探索研究，力求通过发挥自身产品研发创新优势，满足不断变 化的用户需求。 ...

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]

（文章来源：每日经济新闻） 每经AI快讯，11月25日，通信设备板块震荡走强，德科立涨超13%，凌云光涨超10%，长芯博创涨超 8%，光库科技、锐捷网络跟涨。 ...

Investment Rating - The report maintains a "Buy" rating for several key companies in the telecommunications and AI computing chain, including ZTE Corporation, NewEase, Ruijie Networks, Zhongji Xuchuang, China Telecom, Haige Communication, China Mobile, and Shanghai Hantong [9][41]. Core Insights - The report highlights the ongoing concerns regarding the sustainability of the AI "bubble" and the effectiveness of Scaling Law, while expressing optimism about the performance of Gemini 3 and Banana Pro, which have exceeded initial expectations [2][3]. - The AI computing chain is expected to continue its upward trend, with a focus on Google's core components such as optical modules and liquid cooling systems [2][3]. - The report emphasizes the generational leap in capabilities of Gemini 3, which has achieved significant benchmarks in reasoning and multimodal tasks, thereby shortening the time from investment to revenue [20][14]. Summary by Sections Market Overview - The telecommunications index fell by 2.51% last week, while the Shanghai Composite Index and Shenzhen Component Index dropped by 3.90% and 5.13%, respectively [2][13]. - Concerns about the overseas AI "bubble" are prevalent, particularly regarding the effectiveness of Scaling Law and the sustainability of ROI [2][3]. Key Companies and Dynamics - The report recommends several companies within the AI computing chain, including: - ZTE Corporation (Buy, target price: 64.34) [41] - NewEase (Buy, target price: 476.71) [41] - Ruijie Networks (Buy, target price: 102.51) [41] - Zhongji Xuchuang (Buy, target price: 626.68) [41] - China Telecom (Buy, target price: 9.11) [41] - Haige Communication (Buy, target price: 13.70) [41] - China Mobile (Buy, target price: 126.20) [41] - Shanghai Hantong (Buy, target price: 28.28) [41] - China Unicom (Hold, target price: 7.56) [41] AI Computing Chain Insights - The report notes that the performance of Gemini 3 and Nano Banana Pro has significantly advanced the capabilities in reasoning and multimodal tasks, indicating a strong integration into the AI ecosystem [20][14]. - The demand for AI computing resources is expected to grow, driven by the increasing need for reasoning capabilities and the expansion of cloud token scales [20][14]. Financial Performance - ZTE Corporation reported a revenue of 100.52 billion yuan for the first nine months of 2025, a year-on-year increase of 12%, but a net profit decline of 33% [42]. - NewEase's revenue for the first three quarters of 2025 reached 16.5 billion yuan, a year-on-year increase of 222%, with a net profit increase of 284% [44]. - Ruijie Networks reported a revenue of 10.68 billion yuan for the first nine months of 2025, a year-on-year increase of 28%, with a net profit increase of 65% [46].

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]

Core Viewpoint - On November 21, a total of 9 companies had their restricted shares unlocked, with a total unlocking volume of 753 million shares, amounting to a market value of 49.147 billion yuan based on the latest closing price [1] Summary by Category Unlocking Volume - The companies with the highest unlocking volumes are Ruijie Networks, Jinghua New Materials, and Fenghuo Communication, with unlocking shares of 700 million, 27.1998 million, and 17.2516 million respectively [1] Unlocking Market Value - In terms of unlocking market value, Ruijie Networks, Jinghua New Materials, and Fenghuo Communication lead with values of 47.866 billion yuan, 0.702 billion yuan, and 0.039 billion yuan respectively [1] Unlocking Ratio - One company has an unlocking ratio exceeding 10%. The unlocking ratios for Ruijie Networks, Jinghua New Materials, and Fenghuo Communication are 88.0%, 9.39%, and 1.34% respectively [1]

Group 1 - The core viewpoint of the article is that Ruijie Networks (301165) is focusing on selling LPO optical modules primarily to internet companies with high-performance computing network needs, which currently represents a small portion of the company's total revenue [1] Group 2 - The LPO optical modules are designed to be compatible with the data center switch products and overall solutions that these internet companies procure [1] - The company is actively engaging with investors through interactive platforms to provide insights into its product offerings and market strategy [1]

Investment Rating - The report maintains a "Recommended" rating for the telecommunications industry, citing sustained high prosperity driven by AI, 5.5G, and satellite communications [2][6]. Core Insights - The overall market performance for the week (November 10-16, 2025) saw the Shanghai Composite Index decline by 0.18%, the Shenzhen Component Index by 1.40%, and the ChiNext Index by 3.01%. The telecommunications sector, represented by the Shenwan Communications Index, experienced a decline of 4.77% [2][12]. - Within the telecommunications sub-sectors, communication engineering and services had the highest increase at 1.57%, while communication network equipment and devices faced the largest decline at 6.98% [2][15]. - Notable individual stock performances included "Online and Offline" with a rise of 46.55%, followed by Zhongfutong at 30.69% and Meilixin at 11.87% [2][17]. Summary by Sections Market Overview - The telecommunications sector is experiencing a high demand for core chips, which is becoming a bottleneck for the performance expansion of domestic and international module manufacturers. The supply-demand balance for optical chips is expected to remain tight until the first half of 2026, maintaining high product prices [3]. - Huawei is set to release a groundbreaking AI technology on November 21, which could significantly improve the utilization efficiency of computing resources from the current 30%-40% to 70%, enhancing the penetration of domestic computing chips in the market [3]. Satellite Industry - The upcoming launch of the "Zhuque-3" reusable rocket is anticipated to be a milestone for China's space capabilities, aiming to reduce launch costs to below 20,000 RMB per kilogram, comparable to SpaceX's Falcon 9 [4]. Key Announcements - Meta Platforms plans to invest over $600 billion in AI infrastructure in the U.S. over the next three years, aiming to enhance its computing capabilities and support local economies [19]. - China successfully launched 13 low-orbit satellites for internet connectivity, marking a significant achievement in its commercial space endeavors [22]. - The Ministry of Industry and Information Technology (MIIT) is accelerating the construction of manufacturing pilot platforms, focusing on AI and quantum technology [25]. Company Highlights - CoreWeave reported a significant increase in customer order backlog, reaching $55.6 billion, nearly double from the previous quarter, despite a slight downward adjustment in revenue guidance due to delays in third-party data center construction [27]. - Baidu announced the launch of its next-generation Kunlun chips, aimed at optimizing large-scale inference and multi-modal model training [28]. - LightCounting reported that optical module suppliers are actively expanding capacity in response to increased demand from cloud computing companies [30].

（编辑 任世碧） 证券日报网讯 11月18日晚间，锐捷网络发布关于首次公开发行前已发行股份解除限售并上市流通的提 示性公告称，本次解除限售并上市流通的股份为公司首次公开发行前已发行的股份。解除限售股份的股 东户数为2户，解除限售股份数量为700，000，000股，占公司总股本的比例为88.00%。限售期限为自 公司首次公开发行的股票上市之日起36个月。本次解除限售股份的上市流通日期为2025年11月21日（星 期五）。 ...