证券代码：688031 证券简称：星环科技 公告编号：2025-023 星环信息科技（上海）股份有限公司 2024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 （一） 股东大会召开的时间：2025 年 5 月 16 日 （二） 股东大会召开的地点：上海市徐汇区虹漕路 88 号 11 楼大会议室 （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 | 51 | | --- | --- | | 普通股股东人数 | 51 | | 2、出席会议的股东所持有的表决权数量 | 28,555,682 | | 普通股股东所持有表决权数量 | 28,555,682 | | 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 | 23.5745 | | 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（%） | 23.5745 | 本次股东大 ...

Summary of Key Points Core Viewpoint - The report indicates that Xinghuan Information Technology (Shanghai) Co., Ltd. has complied with relevant regulations and maintained effective governance and internal controls during the 2024 continuous supervision period, despite facing challenges in revenue and profitability due to macroeconomic factors. Group 1: Company Governance and Internal Control - The company has a complete and compliant governance structure, with effective execution of internal control systems [1][2] - The board of directors, supervisors, and senior management have fulfilled their responsibilities according to regulations [1][2] Group 2: Information Disclosure - The company has established a comprehensive information disclosure system that meets regulatory requirements, and has fulfilled necessary disclosure obligations without any false records or omissions [2][3] Group 3: Independence and Related Party Transactions - The company maintains independence in its operations, with no violations regarding the use of funds by related parties [3][4] Group 4: Use of Raised Funds - The company has established a management system for raised funds, ensuring proper storage and use in compliance with regulations, with no misuse of funds reported [4][5] Group 5: Related Transactions, External Guarantees, and Major Investments - The company has sound internal control systems for related transactions, external guarantees, and major investments, with no significant violations or harm to minority shareholders' interests [4][5] Group 6: Operating Conditions - The company reported a net loss of 343.4628 million yuan, with a decline in revenue attributed to cautious purchasing decisions by clients and extended acceptance processes [5] - Despite the challenges, the company has improved operational efficiency, reducing sales and management expenses, while continuing to invest in R&D for big data and AI [5][6] Group 7: Compliance and Cooperation - The company and its major stakeholders have adhered to commitments, with no violations noted during the supervision period [6] - The company provided active cooperation during the supervision process [6]

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 2024 年度持续督导跟踪报告 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"）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》和《上海证 券交易所上市公司自律监管指引第 11 号——持续督导》等相关规定对星环信息科技 （上海）股份有限公司（以下简称"星环科技"、"公司"）开展持续督导工作，并出 具本持续督导跟踪报告。 一、持续督导工作情况 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并针对具体的 | 保荐机构已建立并有效执行了 持续督导制度，并制定了相应的 | | | 持续督导工作制定相应的工作计划 | | | | | 工作计划 | | | 根据中国证监会相关规定，在持续督导工作开始前，与 上市公司或相关当事人签署持续督导协议，明确双方在 | 保荐机构已与公司签订《保荐协 议》，该协议明确了双方在持续 | | 2 | 持续督导期间的权利义务，并报上海证券交易所备案 | 督导期间的权利和义务，并报上 | | | | 海 ...

1 （一）保荐机构：中国国际金融股份有限公司 （二）保荐代表人：王帅、陈博 （三）现场检查时间：2025年4月30日 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 2024 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2024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 （四）现场检查人员：王帅 （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 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents [1]. Core Insights - The company reported a revenue of 371 million yuan in 2024, a year-on-year decrease of 24.31%, primarily due to macroeconomic impacts and delays in client bidding and acceptance processes [2][3]. - In Q1 2025, the company achieved a revenue of 64 million yuan, reflecting a year-on-year growth of 2.59% [1]. - The company’s net profit attributable to shareholders for 2024 was -343 million yuan, with a worsening loss compared to the previous year [1][4]. - The financial sector's revenue contribution increased from 32.17% in 2023 to 40.46% in 2024, indicating a shift in the company's client base [2]. - The company has seen an increase in both the number of new orders and the average order value, particularly among high-value clients [2]. Financial Performance Summary - In 2024, the company’s total revenue was 371 million yuan, with a gross margin of 50.7% [4]. - The company’s R&D expenses increased by 7.21% in 2024, attributed to rising server depreciation and IDC room costs [2]. - The company’s EPS (Earnings Per Share) for 2025 is projected to be -2.35 yuan, improving to -1.47 yuan by 2027 [5][4]. - The company’s total assets decreased from 1,793 million yuan in 2023 to 1,396 million yuan in 2024 [6]. Product and Market Development - The company is focusing on integrating data and AI infrastructure, with continuous upgrades across three major product lines [2]. - The launch of the TDH9.4 version of the big data platform and the introduction of new capabilities in distributed databases highlight the company's commitment to innovation [2]. - The company’s AI products have gained significant recognition across various industries, securing nearly 50 million yuan in orders [3].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents [1]. Core Insights - The company reported a revenue of 371 million yuan in 2024, a year-on-year decrease of 24.31%, primarily due to macroeconomic impacts and delays in client bidding and acceptance processes [2][3]. - In Q1 2025, the company achieved a revenue of 64 million yuan, showing a year-on-year growth of 2.59% [1]. - The company has seen an increase in revenue contribution from the financial sector, with its share rising from 32.17% in 2023 to 40.46% in 2024 [2]. - The company has focused on cost control, resulting in a reduction of total expenses by 10.78% in 2024 [2]. - The company launched several upgraded products in its data and AI infrastructure, enhancing its offerings in big data and cloud platforms [2][3]. Financial Performance Summary - In 2024, the company reported a net profit attributable to shareholders of -343 million yuan, with a year-on-year increase in loss [4]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are -2.35 yuan, -1.90 yuan, and -1.47 yuan respectively [5]. - The gross margin for 2024 was 50.7%, with expectations of improvement in subsequent years [4]. - The company’s total revenue is projected to recover to 428 million yuan in 2025, with a growth rate of 15.2% [4]. Business Development and Market Position - The company has strengthened its customer retention, with 78.83% of its revenue coming from repeat customers in 2024 [2]. - The company’s AI products have gained significant recognition across various industries, securing nearly 50 million yuan in orders [3]. - The company is actively enhancing its product lines, including distributed databases and intelligent analysis tools, to meet market demands [2][3].

Investment Rating - The investment rating for the computer industry is "Buy" [2] Core Insights - The computer industry is experiencing a bottoming out of demand in 2024, with significant differences in structural performance across various segments. Companies are enhancing operational efficiency to cope with the challenges [6][14] - The median revenue growth rate for the industry in 2024 is -1.59%, a decrease of 4.88 percentage points from 2023. The median net profit growth rate is -2.24%, down 8.35 percentage points from the previous year [15] - The report highlights that while revenue and profit metrics are declining, the rate of decline is slowing, indicating potential for improvement in Q1 2025 [15][16] Summary by Sections 1. 2024 Annual Report: Bottoming Demand and Efficiency Improvements - The report analyzes the performance of 208 listed companies in the computer industry, revealing that the overall revenue growth is stabilizing, and profit margins are showing signs of recovery [14][15] - Different segments within the industry show varying performance, with IT hardware, trusted computing, and smart vehicle sectors demonstrating positive growth trends [16][28] 2. Demand Stabilization and Financial Indicators - The report notes that contract liabilities are beginning to improve, and accounts receivable growth is declining, indicating a more stable financial environment [23][24] - Cash inflows from sales of goods and services have significantly increased, reflecting a positive trend in operational cash flow [24] 3. Investment Activity and Valuation Levels - The report indicates an increase in net cash outflow from investment activities, suggesting an expansion trend among companies [26] - As of April 30, 2025, the industry’s price-to-earnings (P/E) ratio is 46 times, with software companies showing a higher P/E increase compared to hardware companies [19][20] 4. Key Areas of Investment Value - The report identifies several key areas with strong investment potential, including AI applications, domestic software and hardware replacements, and the smart driving industry [20][21] - The acceleration of domestic orders in trusted computing and the expansion of the Harmony OS ecosystem are expected to enhance the competitive edge of leading companies in the industry [20][21]

证券代码：688031 证券简称：星环科技 公告编号：2025-022 星环信息科技（上海）股份有限公司 股东减持股份计划时间届满暨减持股份结果公告 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 本次减持计划实施前，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"）持有公司无限售 流通股份 10,592,676 股，占公司披露减持计划时总股本比例为 8.77%，上述股 份来源于公司首次公开发行前持有的股份，已于 2023 年 10 月 18 日上市流通。 减持计划的实施结果情况 2025 年 1 月 9 日，公司在上海证券交易所网站（www.sse.com.cn）披露了《关 于持股 5%以上股东减持股份计划公告》（公告编号 2025-002）。公司 5%以上股东 林芝利创持有公司股份 10,592,676 股，占公司披露减持计划时股份总数的 8.77%， 拟通过集中竞价方式和大宗交易方式减持其所持有的公司股份数量不超过 ...

Investment Rating - The report maintains a "Hold" rating for the industry [6] Core Insights - The development of AI Agents is driving a transformation in software forms, establishing databases as indispensable in the AI era, serving not only as data carriers but also helping to mitigate issues like hallucinations in large model reasoning [5][42] - AI is empowering databases to upgrade themselves, enhancing operational efficiency and driving industry growth [4][31] Summary by Sections DB for AI: AI Agents Driving Software Transformation - AI Agents are expected to interact directly with databases, potentially replacing the intermediary application layer in traditional software architectures [1][11] - Databases play a crucial role in the AI era by ensuring high-quality data for AI training, which is essential for effective AI model performance [2][14] - Technologies like vector databases and RAG (Retrieval-Augmented Generation) are directly empowering AI development, addressing issues such as hallucinations in large model reasoning [2][16] AI for DB: AI Empowering Database Upgrades - Intelligent operations are being implemented, allowing for real-time monitoring, predictive analysis, and automated processing of database systems [4][31] - The use of natural language processing enables users to interact with databases more easily, converting natural language into SQL queries [4][35] - Autonomous databases are emerging, utilizing machine learning to perform tasks traditionally handled by database administrators, such as optimization and maintenance [4][36] Investment Recommendations - The report suggests focusing on companies such as Dameng Data, Taiji Co., Haima Data, Softcom Power, Creative Information, Star Ring Technology, SuperMap Software, and Toris [5][42]

Market Overview - A-shares exhibited mixed performance with the Shanghai Composite Index experiencing slight fluctuations while the ChiNext and STAR Market indices surged [1] - The Shanghai Composite Index closed down 0.23% at 3279.03 points, while the Shenzhen Component Index rose 0.51% to 9899.82 points, and the ChiNext Index increased by 0.83% to 1948.03 points [1] - The total trading volume across the Shanghai, Shenzhen, and Beijing markets reached 11,933 billion yuan, an increase of over 1,500 billion yuan compared to the previous day [1] Banking Sector Performance - The banking sector faced significant declines, with Huaxia Bank dropping 8.55%, and other major banks like Industrial and Commercial Bank of China, China Construction Bank, and Agricultural Bank of China falling over 3% [2][3] - The first quarter financial results of 42 listed banks showed a total operating income of 1.45 trillion yuan, a year-on-year decrease of 1.72%, and a net profit attributable to shareholders of 563.98 billion yuan, down 1.2% [5] - Huaxia Bank reported a total profit of 6.73 billion yuan for the first quarter, a decline of 15.11% year-on-year, while Xiamen Bank's operating income fell by 18.42% [5] Automotive Industry - The automotive supply chain stocks saw significant gains, with companies like Lingdian Electric Control and Jingjin Electric reaching the daily limit of 20% increase, and others like Slin Group rising over 13% [10] - The Ministry of Industry and Information Technology recently released key points for automotive standardization, emphasizing the need for enhanced standards for intelligent connected vehicles, particularly in driver assistance and autonomous driving [10][12] - The regulatory clarity regarding L2 and L3 levels of autonomous driving is expected to lead to increased resource allocation and investment in the automotive intelligence sector [12] AI Applications - The AI application sector showed strong activity, with stocks like Chuangyi Information and Zhejiang Wenhe rising significantly, and several companies hitting the daily limit [7] - Alibaba's Tongyi Qianwen released a new series of models, showcasing competitive performance against leading models in the industry, indicating a robust development in China's large model industry [8]