证券代码：688031 证券简称：星环科技 公告编号：2025-044 星环信息科技（上海）股份有限公司 持股 5%以上股东减持股份计划公告 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。 重要内容提示： 股东持有的基本情况 截至本公告披露日，星环信息科技(上海)股份有限公司（以下简称"公司"） 股东林芝利创信息技术有限公司（以下简称"林芝利创"）持有公司股份 9,333,356 股，占公司股份总数的 7.71%。该股东无一致行动人，上述股份均为 公司首次公开发行前取得的股份，且已于 2023 年 10 月 18 日解除限售并上市流 通。 减持计划的主要内容 公司于近日收到股东林芝利创出具的《关于减持星环信息科技（上海）股份 有限公司股份的告知函》，因股东自身安排，公司股东林芝利创拟根据市场情况 减持其所持有的公司股份合计不超过 3,633,885 股（不超过公司总股本的 3.00%）， 其中，拟通过集中竞价方式减持不超过 1,211,295 股（不超过公司总股本的 1%）， 拟通过大宗交易方式减持不超过 2, ...

星环科技公告，截至本公告披露日，股东林芝利创信息技术有限公司持有公司933.34万股，占7.71%； 因自身安排，其拟于2025年9月30日～2025年12月29日，通过集中竞价减持不超过121.13万股、大宗交 易减持不超过242.26万股，合计不超过363.39万股，占公司总股本的3.00%，上述股份均为IPO前取得。 ...

Market Overview - On September 4, the software development sector declined by 2.79%, with Gai Lun Electronics leading the drop [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Stock Performance - Notable gainers in the software development sector included: - Xin'an Century (688201) with a closing price of 15.60, up 6.41% and a trading volume of 391,400 shares, totaling 605 million yuan [1] - Hanyi Co., Ltd. (301270) closed at 38.33, up 4.24% with a trading volume of 78,500 shares, totaling 303 million yuan [1] - Keda Automation (831832) closed at 29.00, up 3.24% with a trading volume of 113,300 shares, totaling 325 million yuan [1] - Major decliners included: - Gai Lun Electronics (688206) closed at 32.25, down 7.62% with a trading volume of 95,100 shares, totaling 316 million yuan [2] - Guangli Micro (301095) closed at 77.81, down 7.24% with a trading volume of 92,500 shares, totaling 737 million yuan [2] - Xinghuan Technology (688031) closed at 52.68, down 6.36% with a trading volume of 61,600 shares, totaling 335 million yuan [2] Capital Flow - The software development sector experienced a net outflow of 4.792 billion yuan from institutional investors, while retail investors saw a net inflow of 4.105 billion yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional selling contrasted by retail buying [2] Individual Stock Capital Flow - Key stocks with significant capital flow include: - Yan Hua Intelligent (002178) with a net inflow of 78.76 million yuan from institutional investors, but a net outflow of 82.45 million yuan from retail investors [3] - Xin'an Century (688201) had a net inflow of 31.44 million yuan from institutional investors, while retail investors saw a net outflow of 70.63 million yuan [3] - Hanyi Co., Ltd. (301270) experienced a net inflow of 30.10 million yuan from institutional investors, with a net outflow of 28.91 million yuan from retail investors [3]

Core Viewpoint - StarRing Technology, a company focused on AI infrastructure software, has submitted its listing application to the Hong Kong Stock Exchange after successfully listing on the A-share Sci-Tech Innovation Board in 2022. The company has shown stable stock price and market capitalization performance in A-shares [1]. Group 1: Company Overview - StarRing Technology was established in 2013 and specializes in providing underlying software necessary for AI and big data processing, including databases, big data platforms, and AI modeling tools [1]. - The founder, Sun Yuanhao, previously served as the CTO of Intel's Data Center Software Division in the Asia-Pacific region and leads a team of former Intel engineers dedicated to creating efficient data management software [1]. Group 2: Financial Performance - Despite being the largest company focused on AI infrastructure software in China and ranking fifth in the market, StarRing Technology has faced financial challenges, with cumulative losses exceeding 1.3 billion yuan [3]. - The company's revenue has fluctuated in recent years, and it has a high dependency on major clients, with the top five clients contributing a significant portion of its revenue [3]. - The business is divided into two main segments: "AI and Big Data Infrastructure Software" and "Solution Business," with the latter's revenue share increasing annually [3]. Group 3: Challenges and Opportunities - StarRing Technology faces challenges such as high sales expense ratios compared to industry averages and increasing accounts receivable turnover days, indicating slower cash flow [3]. - The company has experienced discrepancies in data disclosure, particularly regarding the proportion of direct sales revenue [3]. - Despite these challenges, the core team and technical capabilities are highly regarded, and the company plans to use raised funds for technology research and development, product upgrades, and expansion into overseas markets [4]. Group 4: Development Journey - The development journey of StarRing Technology is marked by significant milestones, including Sun Yuanhao's decision to leave a high-paying position at Intel to start the company and its successful listing on the A-share Sci-Tech Innovation Board [5]. - The company is now positioned to make a push into the Hong Kong market, aiming for further achievements under the leadership of the "Intel system" team [5].

Core Viewpoint - The commercialization wave of AI is accelerating, with the 2025 mid-year report serving as a critical window for evaluating companies' performance, particularly in terms of financial data and order status [1] Financial Performance - In the first half of the year, the company achieved revenue of 153 million yuan, a year-on-year increase of 8.82%, while the net profit loss narrowed significantly to -143 million yuan, indicating improved financial health [2] - The gross margin for Q2 reached 52.24%, showing both year-on-year and quarter-on-quarter growth, alongside a reduction in sales and management expense ratios [2] - The operational cash flow has also seen substantial improvement year-on-year, highlighting the company's resilience amid broader profitability pressures in the tech sector [2] AI Infrastructure and Market Position - The company is experiencing a commercial turning point in AI infrastructure, with large model-related orders nearing 30 million yuan, accounting for nearly 20% of current revenue [3] - The company’s AI solutions are well-aligned with government policies, serving sectors such as finance, energy, and education, which are beginning to replicate successful implementations [3] - The launch of an AI-ready data platform aims to address multi-modal data governance challenges, enhancing product-market fit and potentially leading to ongoing revenue from software licensing and technical services [3] Strategic Partnerships and Expansion - A strategic partnership with Hong Kong Broadband has positioned the company as the first AI and data product supplier for the firm, facilitating digital transformation for businesses in Hong Kong [4] - The collaboration leverages Hong Kong's extensive fiber network and client resources, with the potential for expansion into Southeast Asian markets [4] Comparative Analysis with Global Peers - The company’s growth trajectory can be compared to Databricks, a leading player in the global data and AI sector, particularly in terms of integrating data storage and processing [5][6] - Both companies focus on deep integration of data and AI, with the company aiming to cover the entire process from data collection to intelligent application [6] - The company is expected to transition towards a subscription-based revenue model similar to Databricks, enhancing revenue sustainability and growth potential [7] Industry Trends and Policy Support - The company's growth is supported by national policies recognizing data as a key production factor, with AI integration becoming central to industrial upgrades [9] - Recent government initiatives emphasize the importance of AI, providing a favorable environment for the company's AI infrastructure offerings [9] - The company is positioned as a leader in the data infrastructure sector for generative AI, as highlighted in recent market evaluations [9] Domestic Market and Localization - The company is aligned with national goals for domestic replacement and self-sufficiency in technology, particularly in critical infrastructure [10] - The company has achieved full-stack compatibility with major domestic CPUs and operating systems, enhancing its competitive edge in the market [10][11] - The company’s products have passed significant security and compliance certifications, reinforcing its position as a trusted provider in the domestic market [11] Future Outlook - Following the release of its semi-annual report, market expectations have improved, with projections for revenue growth from 500 million yuan in 2025 to 794 million yuan in 2027, indicating a compound annual growth rate of approximately 26% [12]

Core Viewpoint - The commercialization of AI is reaching a critical turning point, with StarRing Technology's recent half-year report indicating significant financial recovery and the emergence of AI infrastructure orders, marking a transition from high investment to efficiency [1][3]. Financial Performance - In the first half of the year, the company achieved revenue of 153 million yuan, a year-on-year increase of 8.82%, while the net profit loss narrowed significantly to -143 million yuan, showing a marked improvement [2] - The gross margin for Q2 reached 52.24%, with both year-on-year and quarter-on-quarter increases; sales and management expense ratios decreased to 43.94% and 34.30%, respectively, indicating improved operational efficiency [2] - The operating cash flow net amount has also shown substantial year-on-year improvement, highlighting the company's resilience amid broader profitability pressures in the tech sector [2]. AI Infrastructure and Market Position - The half-year report revealed that large model-related orders approached 30 million yuan, accounting for nearly 20% of the revenue, indicating a strong market demand for AI infrastructure [3] - The company has established strategic partnerships, such as with Hong Kong Broadband, positioning itself as a key AI and data product supplier in Hong Kong, which could lead to further regional expansion [4]. Comparison with Databricks - StarRing Technology's growth logic is compared to Databricks, a leading player in the global big data and AI sector, suggesting that StarRing is on a similar trajectory of integrating data and AI [5][6] - Both companies focus on providing comprehensive solutions that meet the full-stack needs of enterprise clients, which is particularly important in the Chinese market [7]. Industry Trends and Policy Support - The company's growth is supported by national policies recognizing data as a key production factor, with recent government initiatives promoting the integration of AI and data governance [9] - StarRing's AI infrastructure aligns with the government's push for "AI+" actions, positioning the company to benefit from the increasing demand for data-driven solutions [9]. Domestic Market Opportunities - The push for domestic alternatives and self-sufficiency in technology, as mandated by government policies, enhances StarRing's competitive edge in the enterprise market [10] - The company has successfully completed full-stack adaptations for various domestic CPUs and operating systems, ensuring compatibility and performance advantages [10][11]. Future Growth Projections - Analysts have raised revenue forecasts for StarRing, predicting a compound annual growth rate of approximately 26% from 2025 to 2027, driven by the accelerating demand for AI infrastructure [12].

Core Viewpoint - Starry Technology (688031.SH) has announced the acceptance of its application for the issuance of overseas listed shares (H-shares) by the China Securities Regulatory Commission (CSRC) [1] Group 1: H-share Issuance - The company submitted its application for H-share issuance to the Hong Kong Stock Exchange on August 18, 2025, and published the application materials on the same day [1] - The issuance is subject to approval from the CSRC, the Hong Kong Securities and Futures Commission, and the Hong Kong Stock Exchange, indicating potential uncertainties [1] Group 2: Initial Public Offering (IPO) Details - Starry Technology raised a total of 1.43 billion yuan (143,016.98 million yuan) from its initial public offering, with a net amount of 1.35 billion yuan (134,783.29 million yuan) after deducting issuance costs [2] - The actual net fundraising was 612.70 million yuan (61,270.09 million yuan) less than the originally planned amount of 1.96 billion yuan (196,053.38 million yuan) [2] Group 3: Financial Performance - The company has reported net losses for the past six and a half years, with net profits attributable to shareholders of the listed company for the years 2019 to 2025 being -211 million yuan, -184 million yuan, -246 million yuan, -271 million yuan, -288 million yuan, -343 million yuan, and -143 million yuan respectively [3] - As of December 31, 2021, the total assets were 853.79 million yuan, with equity attributable to shareholders of 618.16 million yuan and a debt-to-asset ratio of 19.99% [4] - For the first half of 2024, the company reported a revenue of approximately 371.49 million yuan, a decrease of 24.31% compared to the previous year [5]

Core Viewpoint - The company, Star Ring Technology (Shanghai) Co., Ltd., has submitted an application for issuing H shares and listing on the Hong Kong Stock Exchange, which has been accepted by the China Securities Regulatory Commission (CSRC) [1][2]. Group 1 - The company submitted its application for H share issuance and listing on August 18, 2025, and published the application materials on the Hong Kong Stock Exchange website on the same day [1]. - The application materials for the issuance have been accepted by the CSRC, indicating progress in the regulatory approval process [1]. - The company will continue to fulfill its information disclosure obligations based on the progress of the approval process from relevant regulatory bodies [2].

Group 1 - Weisheng Information won four projects in August with a total amount of 85.5377 million yuan, accounting for 3.12% of the company's total revenue for 2024 [1] - Longqi Technology's shareholder plans to reduce its stake by up to 4.09%, equating to a maximum of 19.1916 million shares [1] - Guojin Modern's subsidiary received a drug registration certificate for injectable Nicardipine, used for treating unstable angina [3][4] Group 2 - SAIC Motor reported a total vehicle sales of 363,400 units in August, a year-on-year increase of 41.04%, with new energy vehicle sales reaching 129,800 units, up 49.89% [5] - Kuka Home plans to invest 1.124 billion yuan to build a self-owned base in Indonesia, aiming to enhance its international strategy [6] - Samsung Medical's subsidiary signed a contract for an intelligent meter project in Egypt worth 58.8 million USD, approximately 419 million yuan [8] Group 3 - North Vehicle Blue Valley's subsidiary reported a total production of 10,587 units in August, a year-on-year decrease of 15.13%, while sales increased by 3.47% [12] - Xianghe Industrial signed contracts worth 400 million yuan for railway fastener system components [13] - Hengrui Medicine's HRS9531 injection has received acceptance for its marketing authorization application [14] Group 4 - Hualu Hengsheng resumed normal production after completing maintenance on production facilities [16] - Shanghai Pharmaceuticals' hydrochloride verapamil injection passed the consistency evaluation for generic drugs [18] - Shanghai Construction received approval for debt financing tools with a registration period of two years [20] Group 5 - Kangli Elevator terminated the sale of its wholly-owned subsidiary due to the buyer's failure to obtain necessary approvals [21] - Times Wan Heng appointed Li Zhizhong as the new deputy general manager [22] - Hanma Technology reported a total truck sales of 1,051 units in August, a year-on-year increase of 58.05% [24] Group 6 - Wenzhou Hongfeng's subsidiary received a utility model patent certificate for a servo adjustment device [26] - Yibin Technology received a project designation from a domestic new energy vehicle company, with an estimated total sales of 243 million yuan over five years [28] - Star Ring Technology's H-share issuance application was accepted by the China Securities Regulatory Commission [30] Group 7 - Microchip Bio's vice president resigned for personal reasons [31] - Zhongxin Co. announced the resignation of a non-independent director due to personal reasons [32] - Changcheng Military Industry's vice chairman resigned due to retirement [35] Group 8 - Jiukang Bio received four invention patent certificates related to detection reagents [36] - Meino Bio's subsidiary changed its registered address [37] - Kuangda Technology announced a potential change in control due to a share transfer [38] Group 9 - China Rare Earth confirmed no undisclosed significant matters amid stock price fluctuations [72]

证券代码：688031 证券简称：星环科技 公告编号：2025-043 星环信息科技（上海）股份有限公司 1 星环信息科技（上海）股份有限公司（以下简称"公司"）已于 2025 年 8 月 18 日向香港联合交易所有限公司（以下简称"香港联交所"）递交了发行 H 股股票并在香港联交所主板挂牌上市（以下简称"本次发行"）的申请，并于 同日在香港联交所网站刊登了本次发行的申请资料。具体内容详见公司于 2025 年 8 月 20 日在上海证券交易所网站（www.sse.com.cn）刊载披露的《关于向 香港联交所递交 H 股发行并上市的申请并刊发申请资料的公告》（公告编号： 2025-037）。 公司根据相关规定已向中国证券监督管理委员会（以下简称"中国证监 会"）报送了本次发行上市的备案申请材料，并于近日获中国证监会接收。 公司本次发行尚需取得中国证监会、香港证券及期货事务监察委员会和香 港联交所等相关监管机构、证券交易所的批准、核准或备案，该事项仍存在不 确定性。公司将根据该事项的进展情况依法及时履行信息披露义务，敬请广大 投资者注意投资风险。 特此公告。 星环信息科技（上海）股份有限公司董事会 2025 年 ...