上海市石门一路 288 号 兴业太古汇香港兴业中心一座 26 层 邮编：200040 电话：（86-21）5298 5488 传真：（86-21）5298 5492 君合律师事务所上海分所 关于星环信息科技（上海）股份有限公司 2023 年限制性股票激励计划 预留授予部分（第一批次）第一个归属期归属条件成就及部分限 制性股票作废相关事项的法律意见书 星环信息科技（上海）股份有限公司： 君合律师事务所上海分所（以下简称"本所"）接受星环信息科技（上海） 股份有限公司（以下简称"公司"）的委托，作为公司 2023 年限制性股票激励计 划（以下简称"本次激励计划"）的特聘专项法律顾问，根据《中华人民共和国 公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称 "《证券法》"）、《上市公司股权激励管理办法》（以下简称"《管理办法》"）、 《上海证券交易所科创板股票上市规则》（以下简称"《上市规则》"）、《科 创板上市公司自律监管指南第 4 号——股权激励信息披露》（以下简称"《自律 监管指南》"）等中国现行法律、法规和规范性文件的有关规定，就本次激励计 划预留授予部分（第一批次）第一个归属期归属条件 ...

天健审〔2025〕7149 号 星环信息科技（上海）股份有限公司全体股东： 我们接受委托，审计了星环信息科技（上海）股份有限公司（以下简称星环 科技公司）2024 年度财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负 债表，2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母 公司所有者权益变动表，以及财务报表附注，并出具了审计报告。在此基础上， 我们核查了后附的星环科技公司管理层编制的《2024 年度营业收入扣除情况表》 （以下简称扣除情况表）。 一、对报告使用者和使用目的的限定 目 录 一、关于营业收入扣除情况的专项核查意见………………………第 1—2 页 二、2024 年度营业收入扣除情况表…………………………………第 3—5 页 | 三、附件………………………………………………………………第 | 6—10 页 | | --- | --- | | （一）本所营业执照复印件…………………………………………第 | 6 页 | | （二）本所执业证书复印件…………………………………………第 | 7 页 | | （三）本所从事证券服务业务备案完备证明材料…………………第 | ...

中国国际金融股份有限公司 关于星环信息科技（上海）股份有限公司 预计 2025 年度日常性关联交易的核查意见 中国国际金融股份有限公司（以下简称"中金公司"、"保荐机构"）作为星环信息 科技（上海）股份有限公司（以下简称"星环科技"或"公司"）的保荐机构，根据《证 券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市规则》《上海证券交易 所上市公司自律监管指引第 5 号——交易与关联交易》等相关法律、法规和规范性文件 的规定，对公司 2025 年度日常性关联交易预计事项进行了核查，具体情况如下： 一、日常关联交易的基本情况 （一）日常关联交易履行的审议程序 1、独立董事专门会议审议程序 公司于 2025 年 4 月 24 日召开第二届董事会独立董事专门会议第六次会议，审议 通过了《关于<2025 年度日常关联交易预计>的议案》，独立董事专门会议经认真审核 后，对本次日常关联交易预计事项认为：公司本次日常关联交易预计事项是公司正常生 产经营需要，参考市场价格定价，定价公平合理，程序合法，不存在损害公司和全体股 东利益的情形，全体独立董事一致同意将该议案提交至董事会审议。 3、董事会审议程序 1 公司于 2 ...

目 录 一、募集资金年度存放与使用情况鉴证报告………………………第 1—2 页 二、关于募集资金年度存放与使用情况的专项报告………………第 3—7 页 三、附件…………………………………………………………… 第 8—12 页 （一）本所营业执照复印件 ………………………………………第 8 页 （二）本所执业证书复印件……………………………………… 第 9 页 （三）本所从事证券服务业务备案完备证明材料………………第 10 页 （四）注册会计师执业资格证书复印件……………………第 11—12 页 募集资金年度存放与使用情况鉴证报告 天健审〔2025〕7147 号 星环信息科技（上海）股份有限公司全体股东： 我们鉴证了后附的星环信息科技（上海）股份有限公司（以下简称星环科技 公司）管理层编制的 2024 年度《关于募集资金年度存放与使用情况的专项报告》。 一、对报告使用者和使用目的的限定 本鉴证报告仅供星环科技公司年度报告披露时使用，不得用作任何其他目的。 我们同意将本鉴证报告作为星环科技公司年度报告的必备文件，随同其他文件一 起报送并对外披露。 二、管理层的责任 星环科技公司管理层的责任是提供真实、合法、完整的 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥64,356,897.78, representing a 2.59% increase compared to ¥62,734,168.59 in the same period last year[3]. - The net profit attributable to shareholders was -¥83,577,075.52, an improvement from -¥88,669,719.41 year-over-year[3]. - The company's net loss for the first quarter of 2025 was RMB 83,577,075.51, compared to a net loss of RMB 78,576,075.51 in the same period of 2024, indicating a worsening of approximately 6.4%[16]. - Operating profit for Q1 2025 was -¥83,756,490.46, slightly improved from -¥88,945,042.78 in Q1 2024[17]. - Net profit for Q1 2025 was -¥83,722,290.59, compared to -¥88,875,529.16 in Q1 2024, indicating a 7.5% improvement[18]. - Basic and diluted earnings per share for Q1 2025 were both -¥0.69, an improvement from -¥0.73 in Q1 2024[18]. Cash Flow - The net cash flow from operating activities improved to -¥88,728,609.55 from -¥167,282,762.96 in the previous year[3]. - Cash flow from operating activities for Q1 2025 was -¥88,728,609.55, an improvement from -¥167,282,762.96 in Q1 2024[19]. - Cash flow from investing activities in Q1 2025 was -¥30,298,492.86, a decrease from ¥285,207,113.36 in Q1 2024[20]. - Cash flow from financing activities generated ¥37,997,415.74 in Q1 2025, compared to -¥4,782,265.63 in Q1 2024[20]. - The ending cash and cash equivalents balance for Q1 2025 was ¥461,445,210.33, slightly down from ¥465,548,858.28 in Q1 2024[20]. Assets and Liabilities - Total assets at the end of the reporting period were ¥1,339,573,879.58, down 4.06% from ¥1,396,260,210.59 at the end of the previous year[4]. - The company's current assets totaled RMB 1,085,024,236.72, down from RMB 1,138,101,347.17, indicating a decrease of about 4.7%[13]. - The company's cash and cash equivalents decreased to RMB 461,451,210.33 from RMB 583,266,679.07, representing a decline of approximately 20.9%[13]. - The total liabilities increased to RMB 315,902,441.21 from RMB 301,818,617.33, marking an increase of about 4.0%[15]. - The company's total equity as of March 31, 2025, was RMB 1,023,671,438.37, down from RMB 1,094,441,593.26, reflecting a decrease of about 6.5%[15]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 10,270[9]. - The largest shareholder, Sun Yuanhao, holds 11,167,863 shares, representing 9.22% of the total shares[10]. Research and Development - R&D expenses totaled ¥60,734,798.81, a decrease of 7.68% from ¥65,787,175.36, with R&D expenses as a percentage of operating revenue decreasing by 10.50 percentage points to 94.37%[4]. Other Income - The company recognized non-recurring gains of ¥4,270,735.15, including government subsidies of ¥2,561,657.30[5][7]. - The company reported other income of ¥6,059,955.91 in Q1 2025, up from ¥3,046,586.57 in Q1 2024, reflecting a 99.5% increase[17].

Company Transformation and Strategy - The company has transitioned from a digital infrastructure provider to an AI infrastructure enterprise, integrating big data, AI, and cloud computing technologies[3]. - In 2024, the company is focusing on continuous R&D investment to enhance its product matrix driven by AI technology, aiming for efficient AI infrastructure construction[4]. - The company is actively expanding partnerships with various CPU, GPU, operating system, and hardware manufacturers for product adaptation and performance optimization[3]. - Future strategies include optimizing resource allocation and enhancing operational efficiency to support sustainable growth[4]. - The company is committed to upgrading its three main product lines: big data and cloud infrastructure, distributed relational databases, and intelligent analysis tools[3]. - The company emphasizes a "efficiency first" development principle to inject quality resilience into its growth[4]. - The company is leveraging opportunities in the digital transformation and industry innovation sectors despite macroeconomic challenges[4]. Financial Performance - The company reported a negative retained earnings balance as of December 31, 2024, leading to no cash distribution or capital reserve transfer to shareholders for the year[7]. - The company is experiencing rapid growth but is currently unable to fully cover its operating costs and expenses with its revenue[4]. - The company reported a revenue of $96.77 billion in Q4 2023, setting a record for iPhone sales in China[110]. - The user base has grown by 15% year-over-year, reaching 1.5 billion active devices globally[110]. - The company expects a revenue growth of 10% for the next fiscal year, driven by new product launches and market expansion[110]. - The company reported a significant increase in revenue, reaching $1.5 billion, representing a 25% year-over-year growth[24]. - The company’s total revenue for the current period reached 24,880.26 million RMB, an increase from 21,467.35 million RMB in the previous period, reflecting a growth of approximately 11.2%[104]. Research and Development - Investment in R&D increased by 20% to $25 billion, focusing on AI and cloud technologies[110]. - The R&D expenditure as a percentage of operating revenue increased to 70.65% in 2024 from 49.88% in 2023, reflecting a rise of 20.77 percentage points[31]. - The company is investing $200 million in R&D for new technologies, focusing on AI and machine learning[24]. - The company has accumulated 157 invention patents, showcasing its commitment to innovation and technology leadership[108]. - The company has developed a distributed machine learning algorithm capable of processing massive data modeling and analysis[25]. - The company is focusing on enhancing its technology capabilities through ongoing research and development initiatives[193]. Market Expansion and Partnerships - The company aims to expand its market presence through strategic partnerships and acquisitions[14]. - The company plans to expand its market presence in Asia, targeting a 25% increase in market share by 2025[110]. - The company has strengthened partnerships with leading technology firms to promote domestic core technology[48]. - The company is focusing on AI infrastructure, integrating big data, AI, and cloud computing to empower various industries[44]. - The company is exploring potential mergers and acquisitions to strengthen its market position[193]. Operational Efficiency and Cost Management - The company aims to reduce operational costs by 15% through improved efficiency and automation[110]. - The company is implementing a new digital marketing strategy expected to increase customer engagement by 20%[24]. - The company has implemented stricter cost control measures, resulting in a decrease in sales and management expenses by 13.25% and 8.53% respectively[146]. - The company is focusing on the development of cloud computing, big data, AI, and blockchain technologies, in line with the "14th Five-Year Plan" to strengthen foundational component supply[88]. Customer Engagement and Satisfaction - Customer satisfaction ratings improved by 10%, reflecting the success of recent product updates[110]. - The company’s revenue from repeat purchases by existing customers accounted for approximately 78.83% of its main business income in 2024, highlighting strong customer retention[114]. - The company has trained over 50,000 developers and provided training to more than 2,800 enterprises, issuing over 13,000 certification certificates, which enhances its talent pool and ecosystem[117]. Governance and Compliance - The company has a robust internal control system and complies with relevant laws and regulations to ensure effective governance and information disclosure[184]. - The company actively engages with investors through multiple channels, ensuring timely communication and feedback on investor suggestions[186]. - The company has maintained independence from its controlling shareholders, with no significant competition issues reported[188]. Industry Trends and Challenges - The rapid iteration of free or open-source products could intensify market competition, potentially leading to a decline in sales volume and pricing of commercial products[129]. - The company faces risks related to its ongoing lack of profitability and the need for significant R&D investment to maintain competitive advantage in a rapidly evolving technological landscape[119]. - The global big data market is projected to grow at a compound annual growth rate (CAGR) of 26.9% from 2021 to 2026, indicating a strong industry growth trend that the company is positioned to benefit from[123].

星环科技 摘要 • 星环科技凭借大数据技术积累，转型为 AI 基础设施服务商，其 IM Ops 大 数据管理平台作为大模型操作系统，实现异构算力调度和多模型兼容，是 本地化部署的关键中间层。 • TKH 知识管理平台帮助企业构建特色知识库，通过外挂企业自有数据给大 模型，缓解幻觉问题，实现场景应用，满足金融等行业对个性化大模型的 需求。 • 星环科技的核心竞争优势在于其纯粹的数据工程基因、在政府和金融行业 的稳固客户基础，以及作为第三方 MaaS 厂商在异构芯片适配和跨模型兼 容性方面的独特优势。 • 在私有化部署浪潮下，IM Ops 和 TKH 两款核心产品具备极大的成长潜力， 有望贡献显著增量收入，甚至超过现有业务板块，推动公司评级上调。 • 星环科技的 MAX 产品实现大模型的本地化部署和调优，重点在于异构算 力的调度，通过 API 接口整合模型和数据，实现低门槛场景落地，并提供 开发工具。 Q&A 星环科技在 AI 时代的产业趋势下有哪些重要变化？ 星环科技从最初致力于 BI 商业智能数据价值挖掘的公司，转型为 AI 基础设施 服务商。随着大模型 AI 时代的到来，尤其是 Deep Seek 现象出现 ...

本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 287,448 股。 本次股票上市流通总数为 287,448 股。 本次股票上市流通日期为 2025 年 3 月 14 日。 证券代码：688031 证券简称：星环科技 公告编号：2025-008 星环信息科技（上海）股份有限公司 关于 2023 年限制性股票激励计划首次授予部分 第一个归属期归属结果暨股票上市公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 根据中国证券监督管理委员会、上海证券交易所、中国证券登记结算有限责任 公司上海分公司有关业务规则的规定，星环信息科技（上海）股份有限公司（以下 简称"公司"或"本公司"）于近日收到中国证券登记结算有限责任公司上海分公 司出具的《证券变更登记证明》，公司于 2025 年 3 月 7 日完成了 2023 年限制性 股票激励计划（以下简称"本激励计划"）首次授予部分第一个归属期的股份登记 工作，现将有关事项说明如下： 一、本次限制性股票归属的决策程序及相关信息披露 1、2023 年 3 月 ...

Financial Performance - Total revenue for 2024 was 371.48 million yuan, a decrease of 24.31% compared to the previous year[4] - Net profit attributable to shareholders was -342.32 million yuan, an increase in loss of 54.08 million yuan year-on-year[6] - Basic earnings per share were -2.83 yuan, a decline of 18.41% compared to the previous year[4] - The weighted average return on net assets was -26.92%, a decrease of 8.62 percentage points year-on-year[4] Assets and Equity - Total assets at the end of the reporting period were 1.40 billion yuan, down 22.02% from the beginning of the period[5] - Shareholders' equity attributable to the parent company decreased by 23.81% to 1.10 billion yuan[5] Operational Efficiency - The company improved operational efficiency, with a reduction in sales and management expenses compared to the previous year[6] - The collection of accounts receivable and customer credit management showed significant improvement compared to the previous year[7] Research and Development - The company continued to invest in R&D for big data and AI tools, with R&D expenses slightly increasing[6] Macroeconomic Challenges - The company faced challenges due to macroeconomic factors, leading to delayed revenue recognition and extended acceptance processes[6]

关于持股 5%以上股东减持股份触及 1%的整数倍的公告 本公司董事会、全体董事及相关股东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、准确性和完整性依法承担法律 责任。 证券代码：688031 证券简称：星环科技 公告编号：2025-006 星环信息科技（上海）股份有限公司 重要内容提示： 2、本次权益变动所涉及股份均享有表决权，不存在表决权委托或受限等任何权 利限制或限制转让的情况。 本次权益变动为履行此前披露的减持股份计划，不触及要约收购。 本次权益变动为持股 5%以上非第一大股东减持，不会导致公司控股股东、 实际控制人发生变化，不会对公司治理结构及持续经营产生重大影响。 本次权益变动后，信息披露义务人林芝利创信息技术有限公司（以下简称"林 芝利创"或"信息披露义务人"）持有星环科技的股份数量为 9,667,327 股，占公司 总股本的比例为 8.00%。截至本公告披露日，本次减持计划尚未实施完毕。 星环信息科技（上海）股份有限公司（以下简称"星环科技"或"公司"） 于 2025 年 1 月 9 日在上海证券交易所网站披露《关于持股 5%以上股东减持股 份计划公告》（公告 ...