星环信息科技（上海）股份有限公司 关于第二届董事会第十一次会议决议的公告 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。 证券代码：688031 证券简称：星环科技 公告编号：2025-029 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"公司"）第二届董事会 第十一次会议于 2025 年 7 月 17 日在公司会议室以现场结合通讯方式召开。本 次会议的通知于 2025 年 7 月 10 日通过邮件方式送达全体董事。会议应出席董 事 9 人，实际到会董事 9 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、董事会会议审议情况 本次会议由董事长、总经理孙元浩先生主持，公司董事会秘书列席。与会 董事审议表决通过了以下事项： （一）审议通过《关于公司发行 H 股股票并在香港联合交易所有限公司 上市的议案》 董事会认为：为进一步提高公司综合竞争力，提升公司国际品牌形象，同 时更好地利用国际资本市场，多元化融资渠道，根据《中华人民共和国公司法》 《中华人民共和国 ...

证券代码：688031 证券简称：星环科技 公告编号：2025-028 本次变更后，公司首次公开发行股票并在科创板上市的持续督导保荐代表人 为王帅先生和毛悦女士。 公司董事会对陈博先生担任公司保荐代表人期间所做的工作表示衷心感谢！ 特此公告。 星环信息科技（上海）股份有限公司董事会 星环信息科技（上海）股份有限公司 关于更换持续督导保荐代表人的公告 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。 星环信息科技（上海）股份有限公司（以下简称"公司"）于近日收到保荐 机构中国国际金融股份有限公司（以下简称"中金公司"）出具的《关于更换星 环信息科技（上海）股份有限公司持续督导保荐代表人的说明》。中金公司作为 公司首次公开发行股票并在科创板上市的保荐机构、主承销商和持续督导机构， 原委派王帅先生、 陈博先生担任公司持续督导保荐代表人。由于陈博先生工作 调整，不再继续担任公司持续督导的保荐代表人，为保证持续督导工作的有序进 行，中金公司委派毛悦女士（简历见附件）接替陈博先生继续担任公司持续督导 的保荐代表人，履行持续督导职责，持续 ...

Group 1 - The Shanghai Stock Exchange has released the "Self-Regulatory Supervision Guidelines for Companies Listed on the Sci-Tech Innovation Board No. 5 - Sci-Tech Growth Tier" [1] - The reform does not impose additional listing thresholds for unprofitable companies entering the Sci-Tech Growth Tier, allowing 32 existing unprofitable companies to enter immediately upon the guideline's implementation [1] - Newly registered unprofitable companies will enter the Sci-Tech Growth Tier from the date of their listing [1] Group 2 - Investors participating in the subscription and trading of newly registered stocks in the Sci-Tech Growth Tier must sign a "Risk Disclosure Statement for the Sci-Tech Growth Tier" [2] - The 32 existing companies that have not yet removed the "U" designation include: Zejing Pharmaceutical, Junshi Biosciences, Frontier Biotech, Qingyun Technology, Hehui Optoelectronics, Jingjin Electric, BeiGene, Dize Pharmaceutical, Maiwei Biotech, Aojie Technology, Yuhong Pharmaceutical, Shouyao Holdings, Haichuang Pharmaceutical, CloudWalk Technology, Yifang Biotech, Obsidian Optics, Mengke Pharmaceutical, Nuo Cheng Jianhua, Xinke Mobile, Xinghuan Technology, Yutai Micro, Yuntian Lifa, Tianzhihang, Qi Anxin, Hanwujin, Yihua Tong, Aifute, Huizhiwei, Xinlian Integrated, Zhixiang Jintai, Shengke Communication, and Zhongjuxin [2]

Core Viewpoint - The MLOps concept has shown a significant increase of 3.05%, ranking second among concept sectors, with notable stocks like StarRing Technology, Yuxin Technology, and TuoerSi leading the gains [1][2]. Market Performance - The MLOps concept sector saw a net inflow of 899 million yuan, with 13 stocks experiencing net inflows, and 5 stocks exceeding 30 million yuan in net inflow. Yuxin Technology led with a net inflow of 435 million yuan, followed by TuoerSi and Runhe Software with net inflows of 188 million yuan and 183 million yuan respectively [2][3]. Stock Performance - Key stocks in the MLOps sector include: - Yuxin Technology: Increased by 7.18% with a turnover rate of 16.64% and a net inflow of 435 million yuan, resulting in a net inflow ratio of 12.38% [3] - TuoerSi: Increased by 6.72% with a turnover rate of 11.30% and a net inflow of 188 million yuan, resulting in a net inflow ratio of 10.11% [3] - Runhe Software: Increased by 2.77% with a turnover rate of 5.61% and a net inflow of 183 million yuan, resulting in a net inflow ratio of 8.31% [3] Additional Insights - Other stocks with notable performance in the MLOps sector include: - Dongfang Guoxin: Increased by 4.00% with a net inflow of 54.9 million yuan and a net inflow ratio of 6.57% [3] - StarRing Technology: Increased by 12.40% with a net inflow of 24.77 million yuan and a net inflow ratio of 5.20% [3]

Core Points - The legal opinion letter confirms the compliance of the convening and holding procedures of the shareholders' meeting of Xinghuan Information Technology (Shanghai) Co., Ltd. with relevant Chinese laws and regulations [3][4][6] - The meeting was scheduled for June 18, 2025, and the notice was properly disclosed, detailing voting methods and meeting logistics [3][4] - The attendance included 4 shareholders or their representatives at the physical meeting, representing 20,235,087 shares, and 59 participants in the online voting, representing 28,630,083 shares, accounting for 23.6359% of the total voting rights [4][5] Meeting Procedures - The meeting was convened by the company's board of directors, and the procedures followed the requirements set forth in the Company Law and the company's articles of association [4][5] - The voting took place both in person and online, with specific time slots allocated for each method [3][4] Voting Results - The voting results indicated that the proposals regarding the cancellation of the supervisory board and amendments to the company's governance rules were approved by more than two-thirds of the voting rights present [6][7] - The legal opinion confirms that the voting procedures and results were conducted in accordance with Chinese laws and the company's regulations [6][8]

Meeting Overview - The shareholders' meeting of Star Ring Technology was held on June 18, 2025, in Shanghai [1] - A total of 59 ordinary shareholders attended the meeting, holding 28,630,083 voting rights, which represents 23.6359% of the company's total voting rights [1] Voting Results - All proposed resolutions were approved during the meeting [2][3] - For the first resolution, 28,520,039 votes (99.6156%) were in favor, with 88,912 votes (0.3105%) against, and 21,132 votes (0.0739%) abstaining [1] - The second resolution received 28,053,211 votes (97.9850%) in favor, 553,740 votes (1.9341%) against, and 23,132 votes (0.0809%) abstaining [2][3] - The third resolution also passed with 28,053,211 votes (97.9850%) in favor, 553,740 votes (1.9341%) against, and 23,132 votes (0.0809%) abstaining [2][3] Legal Compliance - The meeting was conducted in accordance with the Company Law and the company's articles of association, with the presence of legal representatives ensuring the legality of the proceedings [4]

2025 年第一次临时股东大会的法律意见书 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"或"星环科技"）的委托，指派本所律师出席 了公司于 2025 年 6 月 18 日在上海市徐汇区虹漕路 88 号 11 楼大会议室召开的 2025 年第一次临时股东大会（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》《上市公司股东会 规则》等中国现行法律、法规和规范性文件（以下合称"中国法律"，为本法律 意见书之目的，不包括中国香港特别行政区、中国澳门特别行政区及中国台湾地 区的法律）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、会议表决程序是否符合中国法律及《公司章程》的规定以 及表决结果是否合法有效发表意见，并不对本次股东大会所审议的议案内容以及 该等议案所表述的相关事实或数据的真实性、准确 ...

证券代码：688031 证券简称：星环科技 公告编号：2025-027 星环信息科技（上海）股份有限公司 2025年第一次临时股东大会决议公告 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 6 月 18 日 （二） 股东大会召开的地点：上海市徐汇区虹漕路 88 号 B 栋 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 | 59 | | --- | --- | | 普通股股东人数 | 59 | | 2、出席会议的股东所持有的表决权数量 | 28,630,083 | | 普通股股东所持有表决权数量 | 28,630,083 | | 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 | 23.6359 | | 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（%） | 23.6359 ...

证 券 研 究 报 告 星环科技-U（688031）2025 年一季报点评 推荐（维持） 25Q1 亏损同比收窄，大模型业务初现突破 目标价：52.93 元 事项： 星环科技发布 2025 年一季报，报告期内实现营业收入 6436 万元，同比增长 2.59%；归母净利润-8358 万元；扣非净利润-8785 万元。2024 年，公司实现营 业收入 3.71 亿元，同比下降 24.31%；归母净利润-3.43 亿元；扣非净利润-3.80 亿元。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 371 | 427 | 508 | 605 | | 同比增速(%) | -24.3% | 15.0% | 19.0% | 19.1% | | 归母净利润(百万) | -343 | -238 | -159 | -103 | | 同比增速(%) | -19.2% | 30.7% | 33.3% | 34.9% | | 每股盈利(元) | -2.8 ...

Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 52.93 CNY [1][7]. Core Insights - The company reported a revenue of 64.36 million CNY in Q1 2025, reflecting a year-on-year growth of 2.59%. However, it incurred a net loss of 83.58 million CNY [1][7]. - The company experienced a significant decline in revenue in 2024, with total revenue of 371 million CNY, down 24.31% year-on-year, and a net loss of 343 million CNY [1][7]. - The company is in a phase of technological investment and market expansion, with signs of improvement in cash flow and a reduction in losses in Q1 2025 [7]. Financial Performance Summary - **2024 Financials**: Total revenue was 371 million CNY, with a net loss of 343 million CNY. The revenue from the core software business was 285 million CNY, down 28.5% year-on-year [3][7]. - **2025 Projections**: Expected total revenue for 2025 is 427 million CNY, with a projected net loss of 238 million CNY, indicating a reduction in losses by 30.7% compared to 2024 [3][7]. - **Future Growth**: The company anticipates revenue growth of 15.0% in 2025, 19.0% in 2026, and 19.1% in 2027, with corresponding net losses decreasing over the same period [3][7]. Business Strategy and Developments - The company is focusing on AI strategy upgrades, with initial breakthroughs in large model business, including the launch of the Sophon LLMOps platform and the TKH knowledge platform [7]. - The company secured nearly 50 million CNY in orders related to large model business, covering sectors such as finance, government, and energy [7].