Group 1 - Xi'an Shuzhi Technology Co., Ltd. has been established with a registered capital of 10 million yuan, focusing on artificial intelligence public data platforms and related services [1] - The legal representative of the company is Wang Fan, indicating a leadership structure [1] - The company's business scope includes technical consulting services for artificial intelligence public service platforms and foundational resources and technology platforms [1] Group 2 - The company is co-owned by Xinghuan Technology and other stakeholders, highlighting a collaborative investment structure [2]

Group 1: Company Overview and Strategy - Star Ring Technology has extensive experience in the marketization of data elements and is committed to promoting the development of China's data element circulation service market [2] - The company provides a one-stop data security circulation solution, including data security management and data element circulation capabilities [2] - Recent government projects include winning the bid for the "Integrated Digital Resource Management Service Central Platform Construction Project" for Digital Xi'an [2] Group 2: Product Offerings - The product matrix includes data security management platforms (Defensor and Audit) and data circulation platforms (Sophon P2C, Sandbox, and Datamall) [2] - The company’s strategy has evolved from data infrastructure to AI infrastructure, focusing on creating general-purpose software products [4] - The Transwarp Knowledge Studio (TKS) is an end-to-end knowledge construction toolset designed to help various sectors efficiently build knowledge systems [4] Group 3: Market Position and Comparisons - Star Ring Technology's business model is similar to that of international data and AI giants like Databricks, providing rich data resources and low-latency data retrieval [4] - The company aims to leverage its full-stack technology in big data, cloud computing, and AI to enhance its market position [3] - The company’s approach to product development is akin to Palantir, focusing on customized solutions for government and industry sectors [3]

Investment Rating - The report maintains a "Buy" rating and raises the target price to 53.71 CNY [2][10]. Core Views - The company's revenue and profit have slightly declined, and performance remains under pressure in the short term. However, the gross margin remains at a high level, and the expense structure has been optimized. The AI strategy is continuously deepening, and there is potential for exceeding expectations in the future [2][12]. Summary by Sections 1. Earnings Forecast and Valuation - The company is expected to generate revenues of 5.24 billion CNY, 6.49 billion CNY, and 7.82 billion CNY for 2024, 2025, and 2026 respectively, with EPS of -1.86 CNY, -1.36 CNY, and -0.74 CNY for the same years [2][12]. - The gross margin is projected to improve, with the software business expected to grow at a compound annual growth rate (CAGR) of 22.41% from 2019 to 2023, and a forecasted growth of 15.10%, 28.77%, and 23.96% for 2024-2026 [12][14]. - The report uses a price-to-sales (PS) valuation method, applying a conservative 10x PS for 2025, leading to a target price of 53.71 CNY [15]. 2. Financial Summary - For the first three quarters of 2024, the company achieved revenue of 2.10 billion CNY, a year-on-year decline of 5.94%, and a net loss of 2.93 billion CNY, with losses widening by 8.92% year-on-year [2][8]. - The comprehensive gross margin for the first three quarters of 2024 was 55.75%, indicating strong performance in productization [2][12]. - The company has optimized its expense structure, with sales and R&D expenses increasing by 2.18% and 9.53% respectively, while management expenses decreased by 10.81% [2][12]. 3. AI Strategy - The company is committed to transitioning from a data infrastructure provider to an AI infrastructure provider, enhancing its AI product offerings [2][12]. - It has developed a comprehensive AI infrastructure toolset that supports the entire process of enterprise-level large model production and application, which is expected to help businesses build knowledge barriers and innovate [2][12].

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 首次授予部分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，就本次激励计划第一个归属期归属条件成就（以下简称"本次股票归属"） 及 ...

星环信息科技（上海）股份有限公司监事会 2024 年 10 月 29 日 星环信息科技（上海）股份有限公司 监事会关于公司 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名单的核查意见 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。 星环信息科技（上海）股份有限公司（以下简称"公司"）监事会根据《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》等有关法律、法 规、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》"）的有关规定，对公司 2023 年限制性股票激励计划（以下简称"《激 励计划》"或"本激励计划"）首次授予部分第一个归属期归属名单进行审核，发 表核查意见如下： 本次拟归属的 181 名激励对象符合《公司法》《证券法》等法律、 ...

Revenue and Profitability - Revenue for the third quarter was RMB 69.39 million, a decrease of 18.18% year-over-year[2] - Net loss attributable to shareholders for the third quarter was RMB 101.72 million[2] - Total revenue for the first three quarters of 2024 was RMB 209,535,215.72, a decrease of 5.95% compared to RMB 222,774,720.22 in the same period of 2023[16] - Net loss for the first three quarters of 2024 was RMB 293,458,565.26, an increase of 8.92% compared to RMB 269,424,512.12 in the same period of 2023[17] - Basic earnings per share for the first three quarters of 2024 were RMB -2.42, a decrease of 9.01% compared to RMB -2.22 in the same period of 2023[18] - The company's basic and diluted earnings per share for the third quarter were both RMB -0.84[3] - The weighted average return on equity for the third quarter was -8.40%[3] R&D Investment - R&D investment for the third quarter was RMB 64.91 million, an increase of 13.12% year-over-year[3] - R&D investment as a percentage of revenue for the third quarter was 93.54%, an increase of 25.88 percentage points year-over-year[3] - R&D expenses for the first three quarters of 2024 were RMB 166,506,881.66, an increase of 9.52% compared to RMB 152,020,205.45 in the same period of 2023[17] Assets and Liabilities - Total assets at the end of the third quarter were RMB 1.43 billion, a decrease of 20.15% compared to the end of the previous year[3] - Total assets decreased to 1,431,608,349.54 RMB from 1,792,864,108.39 RMB compared to the previous year[14] - Current assets decreased to 1,158,816,250.60 RMB from 1,559,031,535.11 RMB compared to the previous year[13] - Non-current assets increased to 272,792,098.94 RMB from 233,832,573.28 RMB compared to the previous year[13] - Total liabilities decreased to 274,393,069.76 RMB from 353,030,342.95 RMB compared to the previous year[14] - Current liabilities decreased to 222,436,735.04 RMB from 294,558,464.22 RMB compared to the previous year[14] - Non-current liabilities decreased to 51,956,334.72 RMB from 58,471,878.73 RMB compared to the previous year[14] - Total equity attributable to owners of the parent company as of the end of Q3 2024 was RMB 1,161,214,448.71, a decrease of 19.55% compared to RMB 1,443,300,808.91 at the end of Q3 2023[15] - Total liabilities and equity as of the end of Q3 2024 were RMB 1,431,608,349.54, a decrease of 20.15% compared to RMB 1,792,864,108.39 at the end of Q3 2023[15] - The company's total equity attributable to shareholders at the end of the third quarter was RMB 1.16 billion, a decrease of 19.54% compared to the end of the previous year[3] Cash Flow - Net cash flow from operating activities for the third quarter was RMB -72.31 million, an improvement from RMB -107.56 million in the same period last year[7] - Net cash flow from operating activities was -317.6 million RMB, a decrease from -354.4 million RMB in the previous period[19] - Net cash flow from investing activities was 338.4 million RMB, down from 532.6 million RMB in the previous period[19] - Net cash flow from financing activities was -14.5 million RMB, compared to 50.6 million RMB in the previous period[20] - Cash and cash equivalents at the end of the period were 358.5 million RMB, up from 352.7 million RMB at the beginning of the period[20] - Total cash inflow from operating activities was 292.2 million RMB, compared to 251.8 million RMB in the previous period[19] - Total cash outflow from operating activities was 609.8 million RMB, slightly up from 606.2 million RMB in the previous period[19] - Cash received from tax refunds was 5.2 million RMB, up from 4.8 million RMB in the previous period[19] - Cash paid for goods and services was 61.4 million RMB, up from 55.8 million RMB in the previous period[19] - Cash paid to employees was 445.7 million RMB, slightly down from 448.5 million RMB in the previous period[19] - Cash received from investments was 2.69 billion RMB, down from 4.99 billion RMB in the previous period[19] - Cash received from selling goods and providing services for the first three quarters of 2024 was RMB 269,363,859.34, an increase of 14.69% compared to RMB 234,853,613.17 in the same period of 2023[18] Government Subsidies - Government subsidies received during the third quarter amounted to RMB 2.51 million[4] Inventory and Receivables - Monetary funds increased to 358,464,509.05 RMB from 352,754,083.16 RMB compared to the previous year[12] - Accounts receivable decreased to 317,091,386.05 RMB from 376,249,437.30 RMB compared to the previous year[13] - Inventory increased to 72,296,232.55 RMB from 50,252,284.70 RMB compared to the previous year[13] - Contract assets increased to 58,658,032.04 RMB from 35,737,245.76 RMB compared to the previous year[13] Operating Costs - Total operating costs for the first three quarters of 2024 were RMB 533,643,380.97, an increase of 2.20% compared to RMB 522,173,305.23 in the same period of 2023[16]

星环信息科技（上海）股份有限公司（以下简称"公司"）于 2024 年 10 月 29 日召开了第二届董事会第六次会议、第二届监事会第六次会议，审议通过了 《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条件成就的 议案》，根据公司《2023 年限制性股票激励计划》（以下简称"《激励计划》"或 "本激励计划"）的规定和 2023 年第一次临时股东大会的授权，现将有关事项说 明如下： 一、股权激励计划批准及实施情况 证券代码：688031 证券简称：星环科技 公告编号：2024-033 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条件成就的公告 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： （一）本次股权激励计划的主要内容 1、股权激励方式：第二类限制性股票。 2、授予数量：本激励计划拟向激励对象授予不超过 125.0000 万股的限制性 股票，约占本激励计划草案公告时公司股本总额 12,084.2068 万股的 1.0344%。 其中 ...

证券代码：688031 证券简称：星环科技 公告编号：2024-037 星环信息科技（上海）股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 会议召开时间：2024 年 11 月 07 日(星期四) 下午 16:00-17:00 会议召开地点： 上海证券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 本次投资者说明会以网络互动形式召开，公司将针对 2024 年第 三季度的经营成果及财务指标的具体情况与投资者进行互动交流和 沟通，在信息披露允许的范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2024 年 11 月 07 日 下午 16:00-17:00 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、准确性和完整性承担法律责任。 重要内容提示： 投资者可于 2024 年 10 月 31 日(星期四) 至 11 月 06 日(星期 三))16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过 ...

证券代码：688031 证券简称：星环科技 公告编号：2024-035 星环信息科技（上海）股份有限公司 第二届董事会第六次会议决议公告 与会董事对本次会议需审议的议案进行了充分讨论，审议通过了以下议案： （一）审议通过《星环信息科技（上海）股份有限公司 2024 年第三季度报 告》 表决结果：9 票同意；0 票反对；0 票弃权。 具体内容详见同日于上海证券交易所网站(www.sse.com.cn)披露的《星环信 息科技（上海）股份有限公司 2024 年第三季度报告》。 （二）审议通过《关于公司 2023 年限制性股票激励计划首次授予部分第一 个归属期归属条件成就的议案》 根据《上市公司股权激励管理办法》《上海证券交易所科创板股票上市规则》 《公司 2023 年限制性股票激励计划》的有关规定，以及公司 2023 年第一次临时 股东大会的授权，董事会认为公司 2023 年限制性股票激励计划首次授予部分第 1 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。 一、董事会会议召开情况 星环信息科技（上海）股份有限公司（以下简称"公 ...

证券代码：688031 证券简称：星环科技 公告编号：2024-036 星环信息科技（上海）股份有限公司 第二届监事会第六次会议决议公告 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 六次会议（以下简称"本次会议"）通知于 2024 年 10 月 24 日以电子邮件方式 发出，会议于 2024 年 10 月 29 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，应出席监事 3 名，实际出席监事 3 名，公司 董事会秘书列席了会议。本次会议的召集和召开程序符合有关法律、行政法规、 部门规章、规范性文件和《星环信息科技（上海）股份有限公司章程》（以下简 称"《公司章程》"）的有关规定，会议决议合法、有效。 的归属条件已经成就，同意向符合归属条件的181名激励对象办理归属31.7735万 股限制性股票的相关事宜。 表决结果：3 票同意；0 票反对；0 票弃权。 具体内容详见同日于上海证券交易所网站(www.s ...