Financial Performance - The company's operating revenue for the third quarter was ¥72,572,690.82, representing a year-on-year increase of 4.59%[3] - The total profit for the period was -¥70,268,023.90, with a year-to-date total profit of -¥213,212,490.77[3] - The net profit attributable to shareholders was -¥70,281,231.03 for the quarter, and -¥213,226,329.76 year-to-date[3] - The basic earnings per share for the quarter was -¥0.58, with a year-to-date figure of -¥1.76[4] - Total operating revenue for the first three quarters of 2025 reached ¥225,078,512.67, an increase of 7.4% compared to ¥209,535,215.72 in the same period of 2024[22] - Net profit for the first three quarters of 2025 was -¥213,226,329.76, an improvement from -¥293,458,565.26 in the same period of 2024[24] - Basic and diluted earnings per share for the first three quarters of 2025 were both -¥1.76, compared to -¥2.42 in the same period of 2024[24] Expenses and Costs - Research and development expenses totaled ¥60,184,279.51, accounting for 82.93% of operating revenue, a decrease of 10.61 percentage points compared to the previous year[4] - Research and development expenses for the first three quarters of 2025 were ¥148,102,549.77, down from ¥166,506,881.66 in the same period of 2024, a decrease of 11.0%[22] - Total operating costs decreased to ¥464,838,467.98 from ¥533,643,380.97, representing a reduction of approximately 12.9%[22] - Sales expenses decreased to ¥112,737,845.94 from ¥155,234,087.05, reflecting a reduction of 27.3%[22] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,173,166,353.91, a decrease of 15.98% from the end of the previous year[4] - The equity attributable to shareholders was ¥894,455,777.16, down 18.59% from the previous year[4] - Total assets as of September 30, 2025, amounted to CNY 1,173,166,353.91, a decrease from CNY 1,396,260,210.59 as of December 31, 2024[16] - The total liabilities decreased to ¥278,710,576.75 from ¥301,818,617.33, a decline of approximately 7.6%[19] - Owner's equity attributable to shareholders decreased to ¥894,455,777.16 from ¥1,098,727,497.90, a decrease of about 18.6%[19] - The total assets decreased to ¥1,173,166,353.91 from ¥1,396,260,210.59, indicating a reduction of approximately 15.9%[19] Cash Flow - The cash flow from operating activities for the year-to-date was -¥185,865,807.89, reflecting efforts to improve accounts receivable collection[3][10] - Cash inflow from operating activities totaled ¥352,986,104.38, up from ¥292,162,610.22 in the first three quarters of 2024, marking a growth of 20.8%[24] - The net cash flow from operating activities was -$185.87 million, an improvement from -$317.60 million in the previous period, indicating a reduction in cash outflow[25] - Total cash inflow from investment activities was $2.83 billion, compared to $2.69 billion in the prior period, showing an increase of approximately 5%[25] - The net cash flow from investment activities was $74.60 million, down from $338.35 million, reflecting a significant decrease of about 78%[25] - Cash inflow from financing activities totaled $53.24 million, an increase from $40 million in the previous period, representing a growth of 33%[25] - The net cash flow from financing activities was -$20.90 million, worsening from -$14.50 million, indicating increased cash outflow[25] - The total cash and cash equivalents at the end of the period were $409.93 million, down from $358.46 million, showing a decrease of approximately 12%[25] Shareholder Information - The company completed the first vesting period of its 2023 restricted stock incentive plan, adding 6,400 unrestricted shares[14] - The top ten shareholders hold a combined 43.27% of the total shares, with the largest shareholder owning 9.22%[12] - The company reported a total of 121,135,916 shares outstanding after the stock incentive plan adjustment[14] - The company has not engaged in any share lending or borrowing activities during the reporting period[14] Government Subsidies - The company received government subsidies amounting to ¥10,798,840.47, related to software product tax refunds[8] Inventory and Receivables - Cash and cash equivalents decreased to CNY 409,935,125.85 from CNY 583,266,679.07, reflecting a decline of approximately 29.7%[16] - Accounts receivable decreased to CNY 266,385,068.77 from CNY 334,107,519.36, representing a reduction of about 20.2%[16] - Inventory increased to CNY 68,269,079.51 from CNY 51,607,842.01, indicating an increase of approximately 32.2%[17] Non-Recurring Gains - The company reported a total of ¥2,122,011.49 in non-recurring gains for the period[7]

星环信息科技（上海）股份有限公司 章 程 | 第一章 | 总则 - | 1 - | | --- | --- | --- | | 第二章 | 经营宗旨和范围 - | 2 - | | 第三章 | 股份 - | 3 - | | 第一节 | 股份发行 - | 3 - | | 第二节 | 股份增减和回购 - | 6 - | | 第三节 | 股份转让 - | 7 - | | 第四章 | 股东和股东会 - | 8 - | | 第一节 | 股东 - | 8 - | | 第二节 | 控股股东和实际控制人 - | 11 - | | 第三节 | 股东会的一般规定 - | 12 - | | 第四节 | 股东会的召集 - | 15 - | | 第五节 | 股东会的提案与通知 - | 16 - | | 第六节 | 股东会的召开 - | 18 - | | 第七节 | 股东会的表决和决议 - | 21 - | | 第五章 | 董事会 - | 24 - | | 第一节 | 董事 - | 24 - | | 第二节 | 独立董事 - | 28 - | | 第三节 | 董事会 - | 33 - | | 第四节 | 董事会专门委员会 - | 37 - ...

Group 1 - The core point of the news is that Xinghuan Technology's stock price dropped by 5.05% to 59.20 CNY per share, with a trading volume of 247 million CNY and a turnover rate of 4.35%, resulting in a total market capitalization of 7.171 billion CNY [1] - Xinghuan Technology, established on June 5, 2013, and listed on October 18, 2022, is a developer of enterprise-level big data infrastructure software, providing software and services throughout the entire data lifecycle, including integration, storage, governance, modeling, analysis, mining, and circulation [1] - The company's main business revenue composition includes software products and technical services at 72.84%, solutions at 22.37%, integrated hardware and software products and services at 4.49%, and other business revenue at 0.30% [1] Group 2 - From the perspective of major fund holdings, the Guoxin Guozheng Fund has a significant position in Xinghuan Technology, with the Guoxin Guozheng New Star A fund holding 60,000 shares, accounting for 2.66% of the fund's net value, ranking as the ninth largest holding [2] - The Guoxin Guozheng New Star A fund, established on April 15, 2015, has a latest scale of 117 million CNY, with a year-to-date return of 36.25%, ranking 2352 out of 8155 in its category, and a one-year return of 35.8%, ranking 1958 out of 8031 [2]

证券代码：688031 证券简称：星环科技 公告编号：2025-046 星环信息科技（上海）股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度的 提示性公告 持股 5%以上股东林芝利创信息技术有限公司保证向本公司提供的信 息真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 2、上述表格中变动前比例按照减持计划告知函出具日的总股本计算，变动后比例按 照目前总股本计算。 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 | | □控股股东/实际控制人及其一致行动人 | | --- | --- | | | 5%以上大股东及其一致行动人 ☑其他 | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适用 | | | 于无控股股东、实际控制人） | | | □其他______________（请注明） | 2.信息披露义务人信息 | | | 重要内容提示： 权益变动方向 比例增加□ 比例减少☑ 权益变动前合计比例 7.71% 权益变动后合计比例 6.99% 本次变动是否违反已作出的承 诺、意向、计划 是□ 否☑ 是否触发强制要约收购义务 是□ 否☑ | | □ | 控股股 ...

Group 1 - The core viewpoint of the news highlights the performance of the financial technology sector, with the China Securities Financial Technology Theme Index rising by 0.45% and notable increases in individual stocks such as Tax Friend Co., Ltd. rising by 10.00% [3] - The Financial Technology ETF (516860) has shown a 0.59% increase, marking its fourth consecutive rise, with a latest price of 1.53 yuan and a weekly cumulative increase of 3.68% as of October 27, 2025 [3] - The Shanghai Composite Index has surpassed 4000 points, achieving a 19% increase year-to-date, with historical data indicating that the index has only been above this level in 2007, 2008, and 2015 [3] Group 2 - The National Foreign Exchange Administration has introduced nine new policy measures focusing on trade facilitation, including expanding the pilot scope for cross-border trade and optimizing foreign exchange settlement for new trade entities [4] - China Galaxy Securities emphasizes that expanding financial institutional openness is essential for responding to complex international environments and is a necessary choice for constructing a new development pattern [4] Group 3 - The Financial Technology ETF has seen a significant growth in scale, increasing by 92.32 million yuan over the past week, ranking second among comparable funds [5] - The ETF's shares have also grown by 25 million shares in the same period, ranking first among comparable funds [5] - The ETF has experienced continuous net inflows over the past three days, with a peak single-day net inflow of 22.83 million yuan, totaling 53.99 million yuan in net inflows [5] - The China Securities Financial Technology Theme Index includes companies involved in financial technology, with the top ten weighted stocks accounting for 55.55% of the index [5]

Group 1 - The core point of the news is that Xinghuan Technology (688031) experienced a significant stock price increase of 16.47% on October 27, closing at 61.39 yuan, with a trading volume of 7.93 billion yuan and a turnover rate of 14.41% [1][2] - The stock was listed on the daily trading list due to its closing price increase of 15% [1] - The top five trading departments accounted for a total transaction of 262 million yuan, with a net buying amount of 140 million yuan [1][2] Group 2 - The main force of capital flow into the stock was 128 million yuan for the day [2] - The largest buying department was an institutional special seat, purchasing 119.78 million yuan, followed by the Shanghai-Hong Kong Stock Connect with 32.06 million yuan [2] - The largest selling department was Guosen Securities, with a selling amount of 18.08 million yuan [2]

Core Insights - On October 27, a total of 33 stocks were involved with institutional investors, with 19 showing net buying and 14 showing net selling [1] Group 1: Institutional Buying - The top three stocks with the highest net buying by institutions were Jingzhida (3.98 billion), Xiangrikui (1.87 billion), and Xinghuan Technology (1.20 billion) [1][2] - Jingzhida experienced a price increase of 15.45%, while Xiangrikui and Xinghuan Technology saw increases of 19.97% and 16.47% respectively [2] Group 2: Institutional Selling - The top three stocks with the highest net selling by institutions were Huanxu Electronics (867.9 million), Sunshine Dairy (739.8 million), and Yunhan Chip City (661.8 million) [1][3] - Huanxu Electronics had a price change of 9.99%, while Sunshine Dairy and Yunhan Chip City had price changes of 9.99% and 2.86% respectively [3]

Market Overview - The software development sector increased by 0.9% on October 27, with Xinghuan Technology leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Top Gainers in Software Development Sector - Xinghuan Technology (688031) closed at 61.39, up 16.47% with a trading volume of 135,400 shares and a turnover of 793 million [1] - Weston (301315) closed at 53.37, up 8.63% with a trading volume of 99,100 shares and a turnover of 547 million [1] - Keda Guochuang (300520) closed at 36.90, up 8.08% with a trading volume of 998,000 shares and a turnover of 3.622 billion [1] - Other notable gainers include Deepin Technology (300454) up 5.08% and Kingsoft Office (688111) up 4.28% [1] Top Losers in Software Development Sector - Jiafa Education (300559) closed at 12.86, down 12.81% with a trading volume of 389,800 shares and a turnover of 522 million [2] - Guotou Intelligent (300188) closed at 14.49, down 3.66% with a trading volume of 309,100 shares and a turnover of 447 million [2] - Other notable losers include Pinming Technology (601889) down 3.06% and Jiuqi Software (002279) down 2.64% [2] Capital Flow Analysis - The software development sector experienced a net outflow of 814 million from institutional investors, while retail investors saw a net inflow of 369 million [2][3] - Notable net inflows from retail investors were observed in stocks like Deepin Technology and Keda Guochuang, while significant outflows were noted in Xinghuan Technology and Kingsoft Office [3]

Group 1 - The core viewpoint of the news is that Xinghuan Technology's stock has seen a significant increase of 5.26%, reaching a price of 55.48 CNY per share, with a total market capitalization of 6.721 billion CNY [1] - Xinghuan Technology specializes in enterprise-level big data infrastructure software development, providing software and services throughout the entire data lifecycle, including integration, storage, governance, modeling, analysis, mining, and circulation [1] - The company's main business revenue composition includes software products and technical services at 72.84%, solutions at 22.37%, integrated hardware and software products and services at 4.49%, and other business income at 0.30% [1] Group 2 - From the perspective of fund holdings, one fund under Jiashi Fund has a significant position in Xinghuan Technology, specifically Jiashi Runze Quantitative Regular Mixed Fund (005167), which held 5,000 shares in the second quarter, unchanged from the previous period [2] - The Jiashi Runze Quantitative Regular Mixed Fund has a net asset value proportion of 0.78% in Xinghuan Technology, ranking as the tenth largest holding in the fund [2] - The fund has achieved a year-to-date return of 18.28% and a one-year return of 20.23%, with a total fund size of 30.0684 million CNY [2]

10月24日，中国证监会公示境外发行上市备案补充材料要求(2025年10月20日—2025年10月24日)，公示 中其中提到，要求星环科技(688031.SH)补充说明公司及子公司经营范围中包含的增值电信业务实际开 展情况，是否取得相应资质，是否涉及《外商投资准入特别管理措施(负面清单)(2024年版)》领域。据 港交所8月18日披露，星环科技(688031.SH)向港交所主板递交上市申请，海通国际为其独家保荐人。 招股书显示，星环科技是一家AI基础设施软件提供商，通过深度融合人工智能、大数据与云技术，助 力企业高效构建AI基础设施软件，推动各行业智能化转型与商业模式创新。按收入计，2024年公司在 中国AI基础设施软件市场排名第五，亦为最大的纯AI基础设施软件提供商。 ...