[Table_Page] 年报点评|软件开发 证券研究报告 [Table_Title] 星环科技-U（688031.SH） 972918116公共联系人2026-03-25 10:36:22 1 / 9 25 年毛利率稳步提升，认知数据库打开未来成长空间 [Table_Summary] 核心观点： 盈利预测： | [Table_ 单位 Finance] :人民币百万元 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 371 | 448 | 518 | 617 | 709 | | 增长率（ % ） | -24.3% | 20.5% | 15.7% | 19.2% | 14.8% | | EBITDA | -283 | -161 | -108 | -65 | -45 | | 归母净利润 | -343 | -245 | -102 | -61 | -34 | | 增长率（ % ） | - | - | - | - | - | | EPS（元/股） | -2.84 | -2.02 | -0.8 ...

Summary of Conference Call Notes Company Overview - The company discussed is Xinghuan Technology, which focuses on the development of cognitive databases optimized for GPU hardware and the NVIDIA CUDA platform. Key Points and Arguments - The cognitive database has achieved significant performance improvements: - In tests processing 150GB of data, the cognitive database on GPU demonstrated up to a **20x performance increase** compared to running on CPU [1] - The vectorized search speed of the cognitive database on GPU is **200 times faster** than that on CPU [2] - The development of the GPU-native cognitive database is based on the growth and application prospects of AI large model technology, indicating potential for expansion as AI large models penetrate sectors such as finance, energy, manufacturing, and transportation [3] Additional Important Content - The emphasis on the optimization for GPU hardware highlights the company's strategic focus on leveraging advanced technology to enhance database performance, which may attract interest from investors looking for innovative tech solutions [1][2][3]