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 使用闲置自有资金进行现金管理事项的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为星环信息科 技（上海）股份有限公司（以下简称"公司"）的保荐机构，根据《上海证券交易所科创 板股票上市规则》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》 等有关法律、行政法规、部门规章及业务规则的要求，对公司本次使用暂时闲置自有资 金进行现金管理的事项进行了认真、审慎核查，具体情况如下： 一、使用自有资金进行现金管理的基本情况 （一）现金管理目的 在不影响公司主营业务的正常发展并确保公司经营资金需求的前提下，提高闲置自 有资金的使用效率，合理利用自有资金，增加公司投资收益，为公司及股东获取更多回 报。 （二）投资额度 公司拟使用不超过人民币 40,000 万元的闲置自有资金进行现金管理。 （三）资金来源 此次现金管理资金为在保证公司生产经营正常开展前提下的部分闲置自有资金， 资金来源合法合规。 （四）投资产品范围 主要选择投资银行、证券公司、信托公司等具有合法经营资格的金融机构发行的安 全性高、流动性好、稳健的投资理 ...

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 2023 年度持续督导工作现场检查报告 上海证券交易所： 根据《证券发行上市保荐业务管理办法》《上海证券交易所上市公司自律监 管指引第11号——持续督导》等有关法律、法规的规定，中国国际金融股份有限 公司（以下简称"保荐机构"、"中金公司"）作为正在履行星环信息科技（上 海）股份有限公司（以下简称"星环科技"、"公司"）持续督导工作的保荐机构， 对公司2023年度（以下简称"本持续督导期间"）的规范运作情况进行了现场检 查，现就现场检查的有关情况报告如下： 一、本次现场检查的基本情况 （五）现场检查内容：公司治理及内部控制、信息披露、独立性、与关联方 的资金往来、募集资金使用情况、关联交易、对外担保、重大对外投资、公司经 营状况以及承诺履行情况等。 （六）现场检查手段：与上市公司董事、监事、高级管理人员及有关人员座 谈；查看上市公司主要生产经营场所；查阅公司持续督导期间召开的历次三会文 件；查阅上市公司募集资金台账、募集资金使用凭证、募集资金专户银行对账单 等资料；查阅公司建立或更新的有关内控制度文件；查阅公司信息披露文件；核 1 （一）保荐机构 ...

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 延长向特定对象发行A股股票的 股东大会决议有效期及相关授权有效期的核查意见 上海证券交易所： 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"、"发行人"、"公司"）2023 年度向 特定对象发行 A 股股票的保荐机构，就星环科技延长向特定对象发行 A 股股票的股东 大会决议有效期及相关授权有效期事项进行了专项核查，现将核查意见说明如下： 一、本次发行的审议程序 2023 年 6 月 7 日，发行人召开第一届董事会第十六次会议，会议审议并通过了与 本次发行相关的议案，包括《关于公司符合向特定对象发行 A 股股票条件的议案》《关 于公司 2023 年度向特定对象发行 A 股股票预案的议案》《关于公司 2023 年度向特定对 象发行 A 股股票方案的议案》《关于公司 2023 年度向特定对象发行 A 股股票方案论证 分析报告的议案》《关于公司 2023 年度向特定对象发行 A 股股票募集资金使用可行性 分析报告的议案》《关于公司本次募集资金投向属于科技创新领域的说明的议案》《关 ...

北京市建国门北大街 8 号华润大厦 20 层 邮编：100005 电话：（86-10）8519 1300 传真：（86-10）8519 1350 junhebj@junhe.com 北京市君合律师事务所 关于星环信息科技（上海）股份有限公司 延长向特定对象发行 A 股股票的股东大会决议有效期及相关授权有 效期的法律意见书 致：星环信息科技（上海）股份有限公司 北京市君合律师事务所（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"发行人"）委托，担任发行人 2023 年度向特定对象发 行 A 股股票（以下简称"本次发行"）的专项法律顾问。现就发行人延长本次发 行的股东大会决议有效期及延长本次发行相关事宜授权有效期的事项，出具本法 律意见书。 本法律意见书仅供发行人为本次发行之目的使用，未经本所事先书面同意， 任何其他机构和个人均不得以任何方式使用本法律意见书的全部或部分，亦不得 将本法律意见书用于任何其他目的。除本法律意见书中另有说明外，本所于 2023 年 7 月 31 日就本次发行出具的《北京市君合律师事务所关于星环信息科技（上 海）股份有限公司 2023 年度向特定对象发行 A 股股票 ...

证券代码：688031 证券简称：星环科技 公告编号：2024-025 星环信息科技(上海)股份有限公司 2023 年年度股东大会决议公告 本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 12 | | --- | --- | | 普通股股东人数 | 12 | | 2、出席会议的股东所持有的表决权数量 | 29,234,062 | | 普通股股东所持有表决权数量 | 29,234,062 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 24.1920 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 24.1920 | （四） 表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 本次股东大会由公司董事会召集，董事长孙元浩先生主持；本次会议以现场 （一） ...

上海石门一路 288 号 兴业太古汇香港兴业中心一座 26 层 邮编：200041 电话：（86-21）5298 5488 传真：（86-21）5298 5492 junhesh@junhe.com 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 年年度股东大会的法律意见书 致：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"或"星环科技"）的委托，指派本所律师出席 了公司于 2024 年 5 月 16 日在上海市徐汇区虹漕路 88 号 3 楼 Transwarp 会议室 召开的 2023 年年度股东大会（以下简称"本次股东大会"）的现场会议。现本 所根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股东大 会规则》等中国现行法律、法规和规范性文件以及《星环信息科技（上海）股份 有限公司章程》（以下简称"《公司章程》"）、公司股东大会议事规则的有关 规定，就本次股东大会有关事宜出具法律意见书。 本法律意见书仅就本次股东大会的召集和召开程序、出席本次股东大会人员 的资格、召集人资格、会议表决程 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 57 CNY based on a 10x PS valuation for 2024 [25]. Core Insights - The company achieved significant revenue growth in 2023, with total revenue of 491 million CNY, representing a year-on-year increase of 31.72%. However, the net profit attributable to shareholders was -288 million CNY, a decline of 6.23% year-on-year [25]. - In Q1 2024, the company reported revenue of 63 million CNY, a 46% increase year-on-year, while the net profit attributable to shareholders was -89 million CNY, a decrease of 3.77% year-on-year [25]. - The company is experiencing a rapid growth phase, with all three major product lines showing substantial revenue increases [25]. Financial Performance Summary - **2023 Financials**: - Total revenue: 491 million CNY, up 31.72% - Net profit: -288 million CNY, down 6.23% - Gross margin: 59.61%, up 3.07 percentage points - Net margin: -58.92%, improved by 14.14 percentage points [25] - **2024 Q1 Financials**: - Revenue: 63 million CNY, up 46% - Net profit: -89 million CNY, down 3.77% - Gross margin: 69.27%, up 17.7 percentage points - Net margin: 141.67%, improved by 57.61 percentage points [25] Product Revenue Breakdown - The company's three main product lines achieved significant revenue growth: - Software products and technical services: 390 million CNY, up 30.80% - Application and solution services: 79 million CNY, up 29.33% - Integrated hardware and software products and services: 21 million CNY, up 61.28% [25]. Expense and Investment Strategy - The company is increasing its sales and R&D expenditures, with sales expenses of 263 million CNY, management expenses of 126 million CNY, and R&D expenses of 223 million CNY in 2023. The sales expense ratio was 53.56%, while the R&D expense ratio was 45.42% [25].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 86.85 CNY per share, indicating an expected performance that exceeds the market by over 15% in the next 12 months [42][26][70]. Core Insights - The company achieved a total revenue of 490 million CNY in 2023, representing a year-on-year growth of 31.7% compared to 370 million CNY in 2022. However, the net profit attributable to the parent company was -290 million CNY, slightly worse than the -270 million CNY in the previous year [7][40]. - The revenue for Q1 2024 was 62.73 million CNY, showing a significant year-on-year increase of 46.0% from 42.97 million CNY in Q1 2023, indicating strong growth momentum [46][40]. - The company's gross margin improved to 59.6% in 2023, up 3.1 percentage points from the previous year, driven by a higher proportion of software product sales and enhanced project execution efficiency [14][47][40]. Financial Performance - In 2023, the company reported a gross profit margin of 59.6%, with expectations for further improvement due to increased product standardization and deeper partnerships within the industry [14][52]. - The company’s R&D expenses reached 220 million CNY in 2023, a 15.0% increase from the previous year, reflecting a commitment to innovation and product development [9][32]. - Accounts receivable increased by 57.3% year-on-year to 380 million CNY by the end of 2023, primarily due to delayed payment processes from large clients in the public and financial sectors [10][69]. Revenue Breakdown - The revenue from application and solution services was 79.09 million CNY in 2023, marking a 29.3% increase with a gross margin of 7.3% [8]. - The company’s software product revenue grew significantly, with the basic software business generating 330 million CNY, a 52.1% increase, and accounting for 66.4% of total revenue [36][67]. - The healthcare sector contributed 30.6 million CNY in revenue, showing a remarkable growth of 607.8% year-on-year [51]. Market Position and Comparisons - The company is positioned favorably in the big data industry, with a diverse product offering compared to peers like MongoDB, Snowflake, and Elastic, which enhances its market potential [17][70]. - The report highlights the company's focus on AI-related products, with over 54 million CNY in orders for AI infrastructure-related products by the end of 2023, indicating strong future revenue potential [67][40]. Future Outlook - Revenue projections for 2024 to 2026 are estimated at 700 million CNY, 912 million CNY, and 1.24 billion CNY, respectively, reflecting a robust growth trajectory [56][70]. - The company is expected to benefit from the increasing demand for AI and big data solutions, with a focus on expanding its customer base across various industries [67][70].

Profitability and Financial Performance - The company has not achieved profitability since its listing, with a negative retained earnings balance as of December 31, 2023, leading to no cash distribution to shareholders for the year [4]. - The company’s profit distribution plan for 2023 was approved, indicating no cash distribution or capital reserve conversion due to negative retained earnings [8]. - The net profit attributable to shareholders was -¥288,243,033.17 in 2023, slightly worsening from -¥271,347,498.61 in 2022 [37]. - The net profit excluding non-recurring gains and losses was -334.82 million yuan, a decline of 7.88% year-on-year [53]. - The company reported a significant increase in revenue, reaching $1.5 billion, representing a 25% year-over-year growth [18]. - The company reported a significant increase in annual revenue, reaching $1.2 billion, representing a 15% year-over-year growth [196]. - The company provided guidance for the next quarter, expecting revenue to be between $1.6 billion and $1.8 billion, indicating a growth rate of 20% to 25% [20]. - The company reported a revenue of 22,157.83 million RMB for the year, an increase from 20,797.55 million RMB in the previous year, representing a growth of approximately 6.5% [119]. Research and Development (R&D) Investments - In 2023, the company focused on enhancing its product competitiveness by increasing R&D investments, particularly in big data and cloud platforms, distributed relational databases, and intelligent analysis tools [4]. - The company is investing $50 million in research and development for AI technologies, aiming to enhance data processing capabilities [19]. - The company is investing $500 million in research and development for new technologies, focusing on AI and machine learning capabilities [24]. - Research and development expenses accounted for 49.88% of operating revenue in 2023, down from 52.06% in 2022 [38]. - The company achieved a total R&D investment of ¥244,817,491.62 in 2023, representing a 26.21% increase compared to the previous year [102]. - The company has initiated the capitalization of R&D expenditures, with capitalized R&D amounting to ¥21,752,200.17, accounting for 8.89% of total R&D investment [102][104]. - The ongoing R&D projects include a total investment of ¥3,700 million for Transwarp ArgoDB, with a focus on developing a vectorized computing engine and mixed storage engine to enhance analytical efficiency [112]. Product Development and Innovation - The company launched several innovative products, including the distributed vector database Hippo and the enterprise-level vertical domain Q&A model "Wuyá," contributing to digital transformation across various industries [4]. - New product launches included a cloud-based data management platform, which is projected to generate $200 million in revenue within the first year [21]. - The company launched the TDH9.3 version of its big data platform, integrating data lake, data warehouse, and data mart functionalities [55]. - The company introduced the data element circulation product Navier 3.2, enhancing data flow security and control [56]. - The company launched the "无涯" and "求索" models, which are designed for vertical industry applications and big data lifecycle scenarios, respectively [58][59]. - The company introduced a new quantitative research platform, TransQuant, which leverages distributed computing to improve performance by 2-3 orders of magnitude in financial engineering tasks [118]. - The company launched the Sophon Edge platform, which provides enhanced model inference capabilities and supports multi-modal data integration, aiming to improve data governance processes [117]. Market Expansion and Strategic Partnerships - The company aims to strengthen its sales team to explore vertical market opportunities and enhance its ecosystem for effective application of its products [4]. - Market expansion efforts are underway in Europe, with a target to increase market share by 15% over the next two years [20]. - The company is exploring opportunities for market expansion through strategic partnerships and investments in emerging sectors [15]. - The company is expanding its market presence in Southeast Asia, targeting a 15% market share by the end of 2024 [29]. - The company is considering strategic acquisitions to bolster its market position, with a budget of $100 million allocated for potential deals [196]. - The company has established multiple investment partnerships, including the Shanghai Jinxin Hongtu Venture Capital Center and the Liyang Hongtu New Economy Venture Capital Fund [15]. Operational Efficiency and Cost Management - The company plans to adhere to an "efficiency first" principle to optimize resource allocation and improve operational effectiveness for long-term development [5]. - The company is focusing on enhancing its data governance framework to ensure compliance and security, which is expected to reduce operational risks by 10% [20]. - The company plans to enhance its digital operations, aiming for a 30% reduction in operational costs through automation [24]. - The company aims to improve operational efficiency, targeting a 10% reduction in costs through process optimization [196]. - The total expense ratio decreased from 139.70% to 124.61%, demonstrating effective cost control despite increased R&D, sales, and management expenses [64]. Risk Management and Compliance - The company emphasizes the importance of risk management and has detailed potential risks in its management discussion section [6]. - The report outlines the regulatory framework under which the company operates, including compliance with the Company Law and Securities Law of the People's Republic of China [16]. - The company has implemented an internal control system to enhance risk prevention capabilities and operational standards [188]. - The company has established an information disclosure management system to ensure timely and accurate reporting in compliance with relevant regulations [187]. Customer Engagement and Satisfaction - User data showed a 30% increase in active users, totaling 2 million users by the end of the fiscal year [19]. - Customer satisfaction scores have increased by 10% following the implementation of new service strategies [23]. - The company reported a user growth rate of 61% year-over-year, indicating strong market demand [195]. - Customer satisfaction ratings improved to 90%, reflecting a 5% increase from the previous year [196]. Governance and Shareholder Relations - All resolutions at the shareholders' meetings were approved without any dissenting votes, indicating strong shareholder support [189]. - The company has maintained a consistent governance structure without significant deviations from regulatory requirements [188]. - The total remuneration for key management personnel during the reporting period amounted to 1,116.79 million yuan [193]. - The company is committed to improving investor relations management and fostering trust with stakeholders [187].

星环信息科技（上海）股份有限公司 2023 年度独立董事述职报告 2023 年，我本人作为星环信息科技（上海）股份有限公司（以下简称"公司"）的独立 董事，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》"）《上市公司独立董事管理办法》等有关法律、法规、规范性文件 以及《公司章程》《独立董事工作制度》等规定和要求，秉承客观、独立、公正的立场，忠 实勤勉，独立地履行职责，积极出席公司各项会议，独立自主决策，认真审议公司重大事 项，并发表审慎、客观的独立意见，充分发挥了独立董事及各专门委员会的作用，切实维 护公司及全体股东特别是中小股东合法权益，促进规范运作。现将本人 2023 年度的工作 情况汇报如下： 一、独立董事的基本情况 （一）独立董事人员情况 公司第一届董事会共 9 名董事，其中独立董事 3 名，分别为黄宜华先生、马冬明先生 及本人，占董事会人数三分之一，符合相关法律法规及公司制度的规定。 （二）独立董事任职董事会专门委员会的情况 本人在董事会提名委员会担任委员。 （三）个人工作履历、专业背景以及兼职情况 邬健敏，女，1972 年 11 月出生，中国 ...