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 预计 2025 年度日常性关联交易的核查意见 中国国际金融股份有限公司（以下简称"中金公司"、"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"）的保荐机构，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》《上海证券交易 所上市公司自律监管指引第 5 号——交易与关联交易》等相关法律、法规和规范性文件 的规定，对公司 2025 年度日常性关联交易预计事项进行了核查，具体情况如下： 一、日常关联交易的基本情况 （一）日常关联交易履行的审议程序 1、独立董事专门会议审议程序 公司于 2025 年 4 月 24 日召开第二届董事会独立董事专门会议第六次会议，审议 通过了《关于<2025 年度日常关联交易预计>的议案》，独立董事专门会议经认真审核 后，对本次日常关联交易预计事项认为：公司本次日常关联交易预计事项是公司正常生 产经营需要，参考市场价格定价，定价公平合理，程序合法，不存在损害公司和全体股 东利益的情形，全体独立董事一致同意将该议案提交至董事会审议。 3、董事会审议程序 1 公司于 2 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥64,356,897.78, representing a 2.59% increase compared to ¥62,734,168.59 in the same period last year[3]. - The net profit attributable to shareholders was -¥83,577,075.52, an improvement from -¥88,669,719.41 year-over-year[3]. - The company's net loss for the first quarter of 2025 was RMB 83,577,075.51, compared to a net loss of RMB 78,576,075.51 in the same period of 2024, indicating a worsening of approximately 6.4%[16]. - Operating profit for Q1 2025 was -¥83,756,490.46, slightly improved from -¥88,945,042.78 in Q1 2024[17]. - Net profit for Q1 2025 was -¥83,722,290.59, compared to -¥88,875,529.16 in Q1 2024, indicating a 7.5% improvement[18]. - Basic and diluted earnings per share for Q1 2025 were both -¥0.69, an improvement from -¥0.73 in Q1 2024[18]. Cash Flow - The net cash flow from operating activities improved to -¥88,728,609.55 from -¥167,282,762.96 in the previous year[3]. - Cash flow from operating activities for Q1 2025 was -¥88,728,609.55, an improvement from -¥167,282,762.96 in Q1 2024[19]. - Cash flow from investing activities in Q1 2025 was -¥30,298,492.86, a decrease from ¥285,207,113.36 in Q1 2024[20]. - Cash flow from financing activities generated ¥37,997,415.74 in Q1 2025, compared to -¥4,782,265.63 in Q1 2024[20]. - The ending cash and cash equivalents balance for Q1 2025 was ¥461,445,210.33, slightly down from ¥465,548,858.28 in Q1 2024[20]. Assets and Liabilities - Total assets at the end of the reporting period were ¥1,339,573,879.58, down 4.06% from ¥1,396,260,210.59 at the end of the previous year[4]. - The company's current assets totaled RMB 1,085,024,236.72, down from RMB 1,138,101,347.17, indicating a decrease of about 4.7%[13]. - The company's cash and cash equivalents decreased to RMB 461,451,210.33 from RMB 583,266,679.07, representing a decline of approximately 20.9%[13]. - The total liabilities increased to RMB 315,902,441.21 from RMB 301,818,617.33, marking an increase of about 4.0%[15]. - The company's total equity as of March 31, 2025, was RMB 1,023,671,438.37, down from RMB 1,094,441,593.26, reflecting a decrease of about 6.5%[15]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 10,270[9]. - The largest shareholder, Sun Yuanhao, holds 11,167,863 shares, representing 9.22% of the total shares[10]. Research and Development - R&D expenses totaled ¥60,734,798.81, a decrease of 7.68% from ¥65,787,175.36, with R&D expenses as a percentage of operating revenue decreasing by 10.50 percentage points to 94.37%[4]. Other Income - The company recognized non-recurring gains of ¥4,270,735.15, including government subsidies of ¥2,561,657.30[5][7]. - The company reported other income of ¥6,059,955.91 in Q1 2025, up from ¥3,046,586.57 in Q1 2024, reflecting a 99.5% increase[17].

Company Transformation and Strategy - The company has transitioned from a digital infrastructure provider to an AI infrastructure enterprise, integrating big data, AI, and cloud computing technologies[3]. - In 2024, the company is focusing on continuous R&D investment to enhance its product matrix driven by AI technology, aiming for efficient AI infrastructure construction[4]. - The company is actively expanding partnerships with various CPU, GPU, operating system, and hardware manufacturers for product adaptation and performance optimization[3]. - Future strategies include optimizing resource allocation and enhancing operational efficiency to support sustainable growth[4]. - The company is committed to upgrading its three main product lines: big data and cloud infrastructure, distributed relational databases, and intelligent analysis tools[3]. - The company emphasizes a "efficiency first" development principle to inject quality resilience into its growth[4]. - The company is leveraging opportunities in the digital transformation and industry innovation sectors despite macroeconomic challenges[4]. Financial Performance - The company reported a negative retained earnings balance as of December 31, 2024, leading to no cash distribution or capital reserve transfer to shareholders for the year[7]. - The company is experiencing rapid growth but is currently unable to fully cover its operating costs and expenses with its revenue[4]. - The company reported a revenue of $96.77 billion in Q4 2023, setting a record for iPhone sales in China[110]. - The user base has grown by 15% year-over-year, reaching 1.5 billion active devices globally[110]. - The company expects a revenue growth of 10% for the next fiscal year, driven by new product launches and market expansion[110]. - The company reported a significant increase in revenue, reaching $1.5 billion, representing a 25% year-over-year growth[24]. - The company’s total revenue for the current period reached 24,880.26 million RMB, an increase from 21,467.35 million RMB in the previous period, reflecting a growth of approximately 11.2%[104]. Research and Development - Investment in R&D increased by 20% to $25 billion, focusing on AI and cloud technologies[110]. - The R&D expenditure as a percentage of operating revenue increased to 70.65% in 2024 from 49.88% in 2023, reflecting a rise of 20.77 percentage points[31]. - The company is investing $200 million in R&D for new technologies, focusing on AI and machine learning[24]. - The company has accumulated 157 invention patents, showcasing its commitment to innovation and technology leadership[108]. - The company has developed a distributed machine learning algorithm capable of processing massive data modeling and analysis[25]. - The company is focusing on enhancing its technology capabilities through ongoing research and development initiatives[193]. Market Expansion and Partnerships - The company aims to expand its market presence through strategic partnerships and acquisitions[14]. - The company plans to expand its market presence in Asia, targeting a 25% increase in market share by 2025[110]. - The company has strengthened partnerships with leading technology firms to promote domestic core technology[48]. - The company is focusing on AI infrastructure, integrating big data, AI, and cloud computing to empower various industries[44]. - The company is exploring potential mergers and acquisitions to strengthen its market position[193]. Operational Efficiency and Cost Management - The company aims to reduce operational costs by 15% through improved efficiency and automation[110]. - The company is implementing a new digital marketing strategy expected to increase customer engagement by 20%[24]. - The company has implemented stricter cost control measures, resulting in a decrease in sales and management expenses by 13.25% and 8.53% respectively[146]. - The company is focusing on the development of cloud computing, big data, AI, and blockchain technologies, in line with the "14th Five-Year Plan" to strengthen foundational component supply[88]. Customer Engagement and Satisfaction - Customer satisfaction ratings improved by 10%, reflecting the success of recent product updates[110]. - The company’s revenue from repeat purchases by existing customers accounted for approximately 78.83% of its main business income in 2024, highlighting strong customer retention[114]. - The company has trained over 50,000 developers and provided training to more than 2,800 enterprises, issuing over 13,000 certification certificates, which enhances its talent pool and ecosystem[117]. Governance and Compliance - The company has a robust internal control system and complies with relevant laws and regulations to ensure effective governance and information disclosure[184]. - The company actively engages with investors through multiple channels, ensuring timely communication and feedback on investor suggestions[186]. - The company has maintained independence from its controlling shareholders, with no significant competition issues reported[188]. Industry Trends and Challenges - The rapid iteration of free or open-source products could intensify market competition, potentially leading to a decline in sales volume and pricing of commercial products[129]. - The company faces risks related to its ongoing lack of profitability and the need for significant R&D investment to maintain competitive advantage in a rapidly evolving technological landscape[119]. - The global big data market is projected to grow at a compound annual growth rate (CAGR) of 26.9% from 2021 to 2026, indicating a strong industry growth trend that the company is positioned to benefit from[123].

截至4月21日收盘，MLOps概念上涨3.42%，位居概念板块涨幅第8，板块内，16股上涨，奥比中光、星 环科技、新炬网络等涨幅居前，分别上涨11.17%、8.76%、4.54%。跌幅居前的有光环新网、传音控股 等，分别下跌0.91%、0.81%。 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 黄金概念 | 4.28 | 租售同权 | -0.21 | | 金属锌 | 3.91 | 同花顺中特估100 | 0.01 | | 金属铅 | 3.84 | 房屋检测 | 0.07 | | 财税数字化 | 3.71 | 低辐射玻璃(Low-E) | 0.15 | | Sora概念(文生视频) | 3.60 | 中船系 | 0.20 | | 云办公 | 3.59 | 超级品牌 | 0.25 | | 华为盘古 | 3.55 | ST板块 | 0.30 | | MLOps概念 | 3.42 | 白酒概念 | 0.39 | | 人形机器人 | 3.39 | 环氧丙烷 | 0.40 | | Web3.0 | 3.36 | 赛马概念 | 0.43 | | ...

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].