Core Insights - The privacy computing industry is characterized by a collaborative development across its entire value chain, which includes upstream hardware, midstream technology services, and downstream applications across various sectors such as government, finance, and education [1][2]. Industry Overview - The upstream of the privacy computing industry primarily consists of trusted hardware such as encryption chips and specialized processors, while the midstream includes technology and service providers offering various security protection technologies and application technologies [1]. - The downstream application layer encompasses a wide range of sectors, indicating a broad market potential for privacy computing solutions [1]. Regional Distribution - The distribution of representative companies in the privacy computing industry is relatively dispersed, with Shanghai having a well-established layout across the entire value chain, followed by Beijing, Guangdong, and Zhejiang [2]. Company Performance - Tencent leads in R&D investment within the privacy computing sector, followed closely by Alibaba and Baidu, with significant variations in R&D expenditure as a percentage of revenue among companies [6]. - Notable advancements in privacy computing have been reported by companies such as AsiaInfo, NSFOCUS, and Tuolsi [6]. R&D Investment - AsiaInfo's R&D investment totaled 319 million yuan, accounting for 28.8% of its revenue, while NSFOCUS invested 416 million yuan, representing 32.7% of its revenue [7]. - The R&D efforts of various companies are focused on developing comprehensive solutions in privacy computing, including secure execution environments and integrated systems [7]. Investment Trends - Privacy computing companies are actively investing in sectors such as scientific research, technology services, and financial services to enhance their technological capabilities and expand their market reach [10]. - Recent investments include AsiaInfo's 10 million yuan investment in Tianjin AsiaInfo Security Technology Co., and NSFOCUS's 510 million yuan investment in Nanjing Tuolsi Intelligent Systems Co., among others [11][12].

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 ...

Summary of Conference Call Records Company Overview - **Company**: 星环科技 (Xinghuan Technology) - **Stock Code**: 688031 - **Industry**: Big Data and AI Tools Key Points and Arguments 1. **2024 Financial Performance**: - Total revenue for 2024 is reported at 370 million yuan, a decrease of 24.3% year-on-year [1] - Net profit attributable to shareholders is -34 million yuan, compared to -29 million yuan in the same period last year [1] - Non-recurring net profit is -37 million yuan, compared to -33 million yuan in the previous year [1] - The decline in revenue is attributed to macroeconomic conditions affecting IT spending [1] 2. **Impact of Client Spending**: - Government and enterprise clients are cautious regarding IT expenditures, particularly in the public sector, which significantly impacts revenue [1][2] - There is a trend towards adopting open-source big data products or delaying purchases of commercial big data products due to budget constraints [2] 3. **Growth Opportunities in AI Tools**: - In 2025, AI tool products are expected to experience high growth [2] - The launch of the TxData-LM integrated machine in February 2025, featuring the DeepSeek model and SophonLLMOps tools, is anticipated to benefit from the trend of private deployment of AI models [2] 4. **Revenue Forecast**: - Projected revenues for 2024, 2025, and 2026 are 370 million yuan, 450 million yuan, and 560 million yuan respectively [2] 5. **Comparative Analysis**: - Xinghuan Technology offers a broader range of products compared to comparable companies like MongoDB, Snowflake, and Elastic [3] - Given the scarcity of big data companies in the A-share market and the future potential of AI software tools, a price-to-sales (PS) valuation of 20 times for 2025 is suggested, leading to a target price of 74.24 yuan per share with an "Overweight" rating [3] Important but Overlooked Content 1. **Risks**: - Potential risks include competition from tech giants in the big data sector, high R&D costs with uncertain outcomes, and uncertainties in digital transformation investments in downstream application areas [3]

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]

Investment Rating - The report does not explicitly state an investment rating for the software development industry or the specific company, StarRing Technology-U [1]. Core Insights - The company has a competitive advantage in the LLMOps product space due to its comprehensive capabilities that cover the entire data lifecycle, from data integration to model management and application deployment [19]. - The demand for AI-related solutions has significantly increased, particularly following the emergence of DeepSeek, leading to a rise in inquiries and business opportunities from clients [21]. - The company emphasizes the importance of pre-processing and knowledge management in effectively utilizing AI models, indicating that successful application depends on the context and preparation of data [22]. Summary by Sections 1. Basic Research Information - The research was conducted on February 18, 2025, focusing on StarRing Technology-U within the software development industry [13]. 2. Detailed Research Institutions - Various institutions participated in the research, including Changjiang Pension, Changjiang Securities, Haitong Securities, and several fund management companies [14][15]. 3. Research Institution Proportion - The report does not provide specific data on the proportion of research institutions involved [17]. 4. Main Content Information - The company’s LLMOps supports multi-modal data processing and emphasizes enterprise-level operational capabilities, including role-based access and resource management [19]. - Open-source tools are not seen as a threat to the company's proprietary data processing tools due to their limitations in handling large-scale data and security concerns [20]. - The company is actively engaging with clients to facilitate the integration of its products with DeepSeek, enhancing the deployment of AI solutions in enterprises [21]. - The company’s hardware strategy includes three main products: a knowledge platform, LLMOps on workstations or servers, and AIPC for personal computers [23].

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 ...

Financial Performance Forecast - The company expects a net profit attributable to shareholders of the parent company for 2024 to be between -395 million and -325 million yuan, representing an increase in losses of 36.76 million to 106.76 million yuan compared to the previous year, with a year-on-year loss increase of 13% to 37%[3] - The expected net profit attributable to shareholders of the parent company, after deducting non-recurring gains and losses, is projected to be between -425 million and -355 million yuan, indicating an increase in losses of 20.18 million to 90.18 million yuan compared to the previous year, with a year-on-year loss increase of 6% to 27%[6] - The net profit for the same period in 2023 was -288.24 million yuan, and the net profit after deducting non-recurring gains and losses was -334.82 million yuan, with an earnings per share of -2.39 yuan[8] - The performance forecast has not been audited by a registered accountant, and the data provided is preliminary and subject to change[7][11] - There are no significant uncertainties that could affect the accuracy of this performance forecast[10] Factors Affecting Performance - The decline in performance is primarily due to macroeconomic impacts, leading to more cautious procurement decisions from clients, delayed bidding timelines, and extended acceptance processes, resulting in deferred revenue recognition and increased losses[9] - The company has a relatively sufficient order backlog compared to the previous year, indicating growth in order volume despite the overall revenue decline[9] Strategic Focus - The company aims to continue integrating big data infrastructure and AI infrastructure, focusing on providing tools to enhance data and intelligence integration, thereby improving enterprise productivity and business efficiency[9]

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 部分募投项目延期的核查意见 中国国际金融股份有限公司（以下简称"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"）首次公开发行股票并在科创板上市 的保荐机构，根据《证券发行上市保荐业务管理办法》《上市公司监管指引第2号—— 上市公司募集资金管理和使用的监管要求（2022年修订）》《上海证券交易所科创板股 票上市规则》和《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》 等有关规则的要求，对星环科技部分募集资金投资项目（以下简称"募投项目"）延期 的事项进行了认真、审慎核查，具体情况如下： 一、募集资金基本情况 公司首次公开发行股票并在科创板上市的注册申请于2022年8月23日经中国证券监 督管理委员会同意（证监许可[2022]1923号《关于同意星环信息科技（上海）股份有限 公司首次公开发行股票注册的批复》），公司据此公开发行人民币普通股3,021.0600万 股，每股发行价格为人民币47.34元，募集资金总额为人民币143,016.98万元。扣除新股 发行费用（不含增值税）后，募集资金净额为人民币1 ...

证券代码：688031 证券简称：星环科技 公告编号：2025-003 经与会监事投票表决，本次会议审议并通过了以下议案： （一）审议通过了《关于部分募投项目延期的议案》 表决结果：3 票同意；0 票反对；0票弃权。 星环信息科技（上海）股份有限公司 第二届监事会第八次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 星环信息科技（上海）股份有限公司（以下简称"公司"）第二届监事会第八 次会议（以下简称"本次会议"）通知于 2025 年 1 月 10 日以电子邮件方式发出， 会议于 2025 年 1 月 16 日以现场结合通讯方式在公司会议室召开。本次会议由监事 会主席杨一帆先生主持，本次会议应参加表决的监事 3 人，实际参加表决的监事 3 人。会议的召集和召开程序符合有关法律法规、规范性文件和公司章程的规定，会 议决议合法、有效。 二、监事会会议审议情况 2025 年 1 月 17 日 1 具体内容详见同日披露于上海证券交易所网站（www.sse.com.cn）的《星环信 息科技（上海 ...