Ruijie Networks Co. Ltd. A

Ruijie Networks announced on September 29 that its 2026 restricted stock incentive plan proposes to grant 11.13 million restricted shares, accounting for approximately 1% of the company's total share capital of 1.114 billion shares. The grant price under the plan is 52.27 yuan per share, and the incentive recipients total 685 people, mainly comprising research and development technical personnel and core backbones. The validity period of this incentive plan runs from the grant date until all restricted shares granted to the incentive recipients have vested or become void and invalid, not exceeding 60 months. The shares for incentive recipients will vest in three phases after 24 months from the grant date, at 30%, 30%, and 40% respectively. In the first half of 2026, Ruijie Networks achieved revenue of 8.832 billion yuan and net profit attributable to the parent company of 694 million yuan.

Ruijie Networks released its 2026 interim report, with net profit attributable to the parent company of 694 million yuan, up 53.54% from the same period last year. Total operating revenue was 8.832 billion yuan, up 32.83% year on year, marking five consecutive years of growth. Net cash flow from operating activities was negative 3.018 billion yuan, a decrease of 2.704 billion yuan from the same period last year. The company's latest asset-liability ratio was 62.92%, up 15.28 percentage points from the previous quarter; the latest gross margin was 31.61%, down 4.08 percentage points from the previous quarter. Diluted earnings per share were 0.62 yuan, up 53.55% year on year.

On the evening of August 14, multiple listed companies on the Shanghai and Shenzhen stock exchanges released important positive announcements. Zhongheng Electric's controlling shareholder Zhongheng Technology Investment received a capital increase of 4.1 billion yuan from CATL, subscribing to 14.4118 million yuan of new registered capital, and the parties signed a strategic cooperation agreement on the same day. Satellite Chemical disclosed its semi-annual report, achieving operating revenue of 30.713 billion yuan in the first half of 2026, up 30.92 percent year on year, with net profit attributable to the parent company of 6.226 billion yuan, up 126.94 percent. Ruijie Networks achieved operating revenue of 8.832 billion yuan in the first half, up 32.83 percent year on year, with net profit attributable to the parent company of 694 million yuan, up 53.54 percent. Huarui Precision's net profit attributable to the parent company in the first half was 238 million yuan, up 178.32 percent year on year. Shengyi Technology's net profit attributable to the parent company in the first half was 3.287 billion yuan, up 130.42 percent. NARI Technology plans to repurchase shares for equity incentives with an amount of 500 million to 1 billion yuan, at a repurchase price not exceeding 35.17 yuan per share. Faway Automobile received a seat project designation from a joint venture brand customer, with an expected total lifecycle sales amount of 2.86 billion yuan. Shaanxi Construction Engineering's subsidiary won the bid for the Yunjing Intelligent Computing Center project worth 1.156 billion yuan. Zhiyang Innovation plans a private placement to raise no more than 904 million yuan, and Fuleide plans to issue convertible bonds to raise no more than 1.176 billion yuan.

Unisplendour opened sharply higher and hit its daily limit-up in early trading on August 5, then saw the board break open, but by midday the stock was locked at limit-up again. The company expects attributable net profit for the first half of 2026 to be between 1.91 billion and 2.32 billion yuan, representing year-on-year growth of 83.50 percent to 122.89 percent, with recurring net profit of 1.61 billion to 2.02 billion yuan, up 44.02 percent to 80.69 percent. The domestic computing power supply chain strengthened broadly on the day, with stocks such as Unisplendour, Ruijie Networks, Feilingkesi, Inspur Information, and Yutai Micro surging intraday. In terms of news flow, a research note from China Galaxy Securities pointed out that Kimi K3 has achieved Day 0 rapid adaptation with multiple domestic computing platforms, driving demand for domestic super-nodes and in turn boosting supporting demand across supply chain segments including servers, switches, optical modules, liquid cooling, and power supplies.

On the morning of July 22, the supernode concept heated up, with many stocks soaring. Gongjin shares hit the daily limit for consecutive days, achieving three boards in four days; Unisplendour secured two consecutive daily limits. Huaqin Technology hit the daily limit, and Ruijie Networks surged over 15%. Driven by associated benefits, many liquid-cooled server stocks performed brilliantly, with Shenglan and Tongfei rising over 10%, and Inspur Information climbing nearly 7%. At the just-concluded 2026 WAIC, major manufacturers launched supernode products one after another, making supernodes one of the most focused product directions. Huatai Securities' latest research suggests that supernodes are expected to become an important product form for domestic intelligent computing infrastructure, driving increased demand for high-speed interconnects and cabinet-level accessories.

The 2026 World Artificial Intelligence Conference took place in Shanghai from July 17 to 20, with a number of Shenzhen-listed companies showcasing end-to-end AI breakthroughs spanning technology to application. As a strategic partner of the conference, iFlytek presented the evolution of AI from an autonomous and controllable foundation to real-world deployment under the theme of liberating productivity and unleashing imagination. Ruijie Networks focused on AI underlying infrastructure, highlighting capabilities in high-speed switching, lossless networking, optical interconnects, and intelligent operations. iSoftStone exhibited benchmark AI cases across multiple industries, covering core achievements such as Token Factory, agent platforms, AI Factory solutions, intelligent computing servers, AI workstations, AIPC, embodied intelligent robots, and physical AI systems. Wonders Information centered on the integration of AI with livelihood scenarios, showcasing innovative practices in four major directions: AI plus health management, AI plus medical services, AI plus regulatory governance, and AI plus smart livelihood.