Investment Rating - The investment rating for the company is maintained as "Buy" [5] Core Insights - The company has shown a significant improvement in its operational metrics, with a notable increase in AI-related revenue orders and a strategic focus on channel empowerment for its outbound strategy [1] - In the first half of 2025, the company achieved a revenue of 153 million yuan, representing a year-on-year growth of 8.82%, and a reduced net loss of 143 million yuan compared to the previous year [2] - The company has launched a new generation of AI infrastructure, positioning its data platform as a core component, which highlights the strategic importance of deep integration between AI and data [3] - A strategic partnership with Hong Kong Broadband has been established, marking a commitment to an outbound strategy and enhancing the company's digital transformation offerings [4] Financial Summary - The company forecasts revenues of 500.45 million yuan for 2025, with a projected growth rate of 34.71% compared to 2024 [10] - The gross profit margin for the first half of 2025 was reported at 45.68%, with a significant improvement in the second quarter to 52.24% [2] - The operating cash flow showed substantial improvement, with a net cash flow of -133 million yuan in the first half of 2025, indicating better cash management [2]

本次财报公布的各项数据指标表现尚佳。其中，毛利率45.68%，同比减4.94%，净利率-93.73%，同比 增31.45%，销售费用、管理费用、财务费用总计1.37亿元，三费占营收比89.61%，同比减25.31%，每股 净资产7.96元，同比减23.69%，每股经营性现金流-1.1元，同比增46.0%，每股收益-1.18元，同比增 25.32% 据证券之星公开数据整理，近期星环科技（688031）发布2025年中报。截至本报告期末，公司营业总收 入1.53亿元，同比上升8.82%，归母净利润-1.43亿元，同比上升25.24%。按单季度数据看，第二季度营 业总收入8814.89万元，同比上升13.87%，第二季度归母净利润-5936.8万元，同比上升42.1%。本报告期 星环科技公司应收账款体量较大，当期应收账款占最新年报营业总收入比达76.65%。 | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 1.4亿 | 1.53亿 | 8.82% | | 归母浄利润（元） | -1.91亿 | -1.43 Z | 25 ...

Fundraising Overview - The company raised a total of RMB 143,016.98 million from its initial public offering, with a net amount of RMB 134,783.29 million after deducting issuance costs [1][2] - The funds are stored in a dedicated special account, and a tripartite supervision agreement has been signed with the sponsor and the commercial bank [1] Fund Utilization - Due to the actual net amount being lower than the planned investment in the prospectus, the company adjusted the total investment scale and the scale of funds used for projects, maintaining a total of RMB 134,783.29 million [2] - Some funds are temporarily idle due to the construction cycle of the fundraising projects [2] Cash Management Plan - The purpose of cash management is to ensure that the use of idle funds does not affect project construction and to enhance fund efficiency [3] - The company plans to use up to RMB 50,000 million of temporarily idle funds for cash management within a 12-month period [3][6] - Investment products will include safe, liquid options such as structured deposits, time deposits, and large certificates of deposit [3] Implementation and Oversight - The board of directors has authorized the chairman or designated individuals to make investment decisions and sign relevant legal documents [3] - The company will adhere to regulatory requirements for information disclosure regarding cash management activities [5] Impact on Operations - The cash management initiative is designed to improve fund efficiency without impacting the normal operations of the company or its main business [4][7] - The income generated from cash management will be used to supplement any shortfall in project investment amounts [5] Compliance and Approval - The cash management plan has been approved by the board of directors and complies with relevant regulations and internal management systems [7] - The sponsor has confirmed that the plan does not alter the intended use of the raised funds and will not harm the interests of the company or its shareholders [7]

Overview - The company plans to use idle self-owned funds for cash management to improve fund utilization efficiency and increase investment returns for the company and its shareholders [1][4]. Cash Management Details - The purpose of cash management is to enhance the efficiency of idle funds without affecting the company's main business operations and ensuring operational funding needs [1]. - The company intends to use up to RMB 400 million for cash management [1]. - The funds are sourced from legally compliant idle self-owned funds, ensuring normal business operations [1]. - Investment products will be selected from financial institutions with legal qualifications, focusing on high safety and liquidity, excluding securities investments [1][2]. Implementation and Duration - The cash management authorization is valid for 12 months from the board's approval, allowing for rolling use of the specified amount [2][4]. - The board has authorized the chairman to make investment decisions and sign relevant contracts, with the finance department responsible for implementation [2]. Impact on Daily Operations - The use of idle funds for investment will not affect the company's main business and is expected to improve fund efficiency and generate investment returns, enhancing overall company performance [2][3]. Risk Management - The company aims to invest in low-risk, liquid financial products, with a focus on controlling investment risks [3]. - The company will monitor economic conditions and market changes to adjust investment strategies accordingly [3]. Approval Process - The board of directors approved the cash management proposal during a meeting on August 27, 2025, ensuring compliance with operational funding needs and fund safety [3][4]. Sponsor's Opinion - The sponsor believes the cash management initiative has been approved by the board and complies with relevant laws and regulations, enhancing the efficiency of idle funds and benefiting all shareholders [4].

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3]. Core Views - The company has narrowed its losses in the first half of the year, showing significant improvement in operational cash flow and effective cost optimization. Demand from key industries such as finance and energy has led to a continuous influx of large model-related orders [1][6]. - The company has launched a new generation of AI Infra, with ongoing orders related to large models, indicating a strategic upgrade from Data Infra to AI Infra. This transition is expected to yield positive results in the coming years [6][12]. - The financial outlook for the company shows projected revenues of 5.23 billion, 6.93 billion, and 9.18 billion for the years 2025 to 2027, respectively, reflecting a clear growth trajectory [6][12]. Financial Data and Valuation - The company reported total revenue of 1.53 billion in the first half of 2025, with a year-over-year increase of 8.82%. The net loss attributable to the parent company was 1.43 billion, a 25.24% improvement year-over-year [6][12]. - The operating cash flow improved significantly, with a year-over-year increase of 45.87%, attributed to enhanced management and operational efficiency [6][12]. - The financial projections indicate a total revenue of 523 million in 2025, with a year-over-year growth of 41%, followed by 693 million in 2026 and 918 million in 2027, both maintaining a growth rate of 32% [2][13]. Shareholder Information - The company has a total share capital of 121 million shares, with a market capitalization of 7.3 billion. The major shareholder, Sun Yuanhao, holds a 9.22% stake in the company [3][6].

Group 1 - The digital watermark concept sector experienced a decline of 2.15%, ranking among the top losers in the concept sector, with major stocks like Hongbo Co., Ltd. hitting the limit down, while a few stocks like Xinghuan Technology and ST Lingnan saw gains of 3.61% and 1.19% respectively [1][2] - The digital watermark sector faced a net outflow of 1.271 billion yuan, with 22 stocks experiencing net outflows, and 7 stocks seeing outflows exceeding 50 million yuan, led by Hongbo Co., Ltd. with a net outflow of 574 million yuan [2][3] - The top stocks with net outflows included Tianrongxin, Vision China, and Dongfang Guoxin, with net outflows of 227 million yuan, 132.66 million yuan, and 65.30 million yuan respectively [2][3] Group 2 - The concept sectors with the highest gains included the military equipment restructuring concept at 3.57%, sodium-ion batteries at 2.41%, and graphite electrodes at 2.32%, while the digital watermark concept was among the top losers [2] - The main stocks with net inflows in the digital watermark sector included Ruike Laser, Xinghuan Technology, and ST Yilianzhong, with net inflows of 44.65 million yuan, 43.82 million yuan, and 7.78 million yuan respectively [2][3]

登录新浪财经APP 搜索【信披】查看更多考评等级 公司代码：688031 公司简称：星环科技 第一节 重要提示 1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到http://www.sse.com.cn网站仔细阅读半年度报告全文。 1.2重大风险提示 截至2025年6月30日，公司尚未实现盈利，主要系公司专注于人工智能和大数据基础设施领域基础软件 的研发，坚持"自主研发、领先一代"的技术发展策略，目前公司正处于快速成长期，在研发、销售及管 理等方面持续投入较大，公司目前的营业收入规模相对较小，尚未形成突出的规模效应，不能完全覆盖 各项期间费用及成本的投入所致。报告期内，公司在技术研发及技术产业化方面投入了大量的资源和成 本，不断寻求技术突破以加强产品竞争力。同时，公司加强销售和售前队伍的建设，进行相关垂直行业 的市场开拓、客户挖掘及行业深耕，以保证公司业务的持续稳定增长。 研发投入和市场拓展是公司立足于长远发展而进行的投入，是支撑公司长远健康发展的基石。公司目前 募投项目进展顺利，公司将持续聚焦技术研发创新、加速产品落地、拓展市场份额，提升公司的核心 ...

星环信息科技（上海）股份有限公司（证券代码：688031，以下简称"星环科技"）于2025年8月27日召 开了第二届董事会第十二次会议，审议通过了《关于使用闲置自有资金进行现金管理的议案》。公司为 提高资金使用效率，在确保日常经营资金需求及资金安全的情况下，计划利用阶段性闲置自有资金进行 现金管理。 现金管理基本情况目的：在不影响主营业务正常发展并满足经营资金需求的前提下，提高闲置自有资金 使用效率，增加投资收益，为公司及股东获取更多回报。额度：最高额度不超过人民币40,000万元。资 金来源：保证公司生产经营正常开展前提下的部分闲置自有资金，来源合法合规。投资产品范围：主要 投资银行、证券公司、信托公司等金融机构发行的安全性高、流动性好、稳健的理财产品，不涉及证券 投资，不购买股票及其衍生产品、证券投资基金和以证券投资为目的及无担保债券为投资标的的理财产 品，且受托方与公司不存在关联关系。投资期限：自董事会审议通过之日起12个月，额度可滚动使用。 实施方法：董事会授权董事长或董事长授权人士行使现金管理投资决策权并签署相关法律文件，具体由 公司财务部组织实施。 风险及控制措施 虽然公司拟投资的理财产品安全性高 ...

Core Viewpoint - StarRing Technology announced an internal personnel adjustment, with Zhao Mengdi resigning as the company's securities affairs representative to take on the role of investment and financing director and investor relations head [1] Company Summary - Zhao Mengdi's resignation was due to internal job restructuring, and she will continue to serve in a new capacity [1] - The company plans to appoint Wang Shiyao as the new securities affairs representative to assist the board secretary [1] - For the fiscal year 2024, StarRing Technology's revenue composition is as follows: 99.8% from basic software development and 0.2% from other businesses [1] - As of the report, StarRing Technology has a market capitalization of 7.1 billion yuan [1]

证券代码：688031 证券简称：星环科技 公告编号：2025-042 星环信息科技（上海）股份有限公司 关于变更证券事务代表的公告 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 2025 年 8 月 27 日召开第二届董事会第十二次会议，审议通过了《关于聘任证券事务代 表的议案》。现将有关情况公告如下： 一、关于公司证券事务代表辞职的情况 星环信息科技（上海）股份有限公司（以下简称"公司"）董事会于近日 收到公司证券事务代表赵梦笛女士递交的书面辞职报告。因公司内部职务调整， 赵梦笛女士申请辞去公司证券事务代表职务，辞职报告自送达董事会之日起生 效，原定任期至公司第二届董事会任期届满时止。赵梦笛女士辞职后将担任公 司投融资总监兼投资者关系负责人一职。 赵梦笛女士在担任公司证券事务代表期间恪尽职守、勤勉尽责，公司及董 事会对赵梦笛女士为公司所做出的贡献表示衷心感谢！ 二、关于公司聘任证券事务代表的情况 公司拟聘任王诗瑶女士（简历附后）为公司证券事务代表，协助董事会秘 ...