Revenue and Profitability - Revenue for the third quarter was RMB 69.39 million, a decrease of 18.18% year-over-year[2] - Net loss attributable to shareholders for the third quarter was RMB 101.72 million[2] - Total revenue for the first three quarters of 2024 was RMB 209,535,215.72, a decrease of 5.95% compared to RMB 222,774,720.22 in the same period of 2023[16] - Net loss for the first three quarters of 2024 was RMB 293,458,565.26, an increase of 8.92% compared to RMB 269,424,512.12 in the same period of 2023[17] - Basic earnings per share for the first three quarters of 2024 were RMB -2.42, a decrease of 9.01% compared to RMB -2.22 in the same period of 2023[18] - The company's basic and diluted earnings per share for the third quarter were both RMB -0.84[3] - The weighted average return on equity for the third quarter was -8.40%[3] R&D Investment - R&D investment for the third quarter was RMB 64.91 million, an increase of 13.12% year-over-year[3] - R&D investment as a percentage of revenue for the third quarter was 93.54%, an increase of 25.88 percentage points year-over-year[3] - R&D expenses for the first three quarters of 2024 were RMB 166,506,881.66, an increase of 9.52% compared to RMB 152,020,205.45 in the same period of 2023[17] Assets and Liabilities - Total assets at the end of the third quarter were RMB 1.43 billion, a decrease of 20.15% compared to the end of the previous year[3] - Total assets decreased to 1,431,608,349.54 RMB from 1,792,864,108.39 RMB compared to the previous year[14] - Current assets decreased to 1,158,816,250.60 RMB from 1,559,031,535.11 RMB compared to the previous year[13] - Non-current assets increased to 272,792,098.94 RMB from 233,832,573.28 RMB compared to the previous year[13] - Total liabilities decreased to 274,393,069.76 RMB from 353,030,342.95 RMB compared to the previous year[14] - Current liabilities decreased to 222,436,735.04 RMB from 294,558,464.22 RMB compared to the previous year[14] - Non-current liabilities decreased to 51,956,334.72 RMB from 58,471,878.73 RMB compared to the previous year[14] - Total equity attributable to owners of the parent company as of the end of Q3 2024 was RMB 1,161,214,448.71, a decrease of 19.55% compared to RMB 1,443,300,808.91 at the end of Q3 2023[15] - Total liabilities and equity as of the end of Q3 2024 were RMB 1,431,608,349.54, a decrease of 20.15% compared to RMB 1,792,864,108.39 at the end of Q3 2023[15] - The company's total equity attributable to shareholders at the end of the third quarter was RMB 1.16 billion, a decrease of 19.54% compared to the end of the previous year[3] Cash Flow - Net cash flow from operating activities for the third quarter was RMB -72.31 million, an improvement from RMB -107.56 million in the same period last year[7] - Net cash flow from operating activities was -317.6 million RMB, a decrease from -354.4 million RMB in the previous period[19] - Net cash flow from investing activities was 338.4 million RMB, down from 532.6 million RMB in the previous period[19] - Net cash flow from financing activities was -14.5 million RMB, compared to 50.6 million RMB in the previous period[20] - Cash and cash equivalents at the end of the period were 358.5 million RMB, up from 352.7 million RMB at the beginning of the period[20] - Total cash inflow from operating activities was 292.2 million RMB, compared to 251.8 million RMB in the previous period[19] - Total cash outflow from operating activities was 609.8 million RMB, slightly up from 606.2 million RMB in the previous period[19] - Cash received from tax refunds was 5.2 million RMB, up from 4.8 million RMB in the previous period[19] - Cash paid for goods and services was 61.4 million RMB, up from 55.8 million RMB in the previous period[19] - Cash paid to employees was 445.7 million RMB, slightly down from 448.5 million RMB in the previous period[19] - Cash received from investments was 2.69 billion RMB, down from 4.99 billion RMB in the previous period[19] - Cash received from selling goods and providing services for the first three quarters of 2024 was RMB 269,363,859.34, an increase of 14.69% compared to RMB 234,853,613.17 in the same period of 2023[18] Government Subsidies - Government subsidies received during the third quarter amounted to RMB 2.51 million[4] Inventory and Receivables - Monetary funds increased to 358,464,509.05 RMB from 352,754,083.16 RMB compared to the previous year[12] - Accounts receivable decreased to 317,091,386.05 RMB from 376,249,437.30 RMB compared to the previous year[13] - Inventory increased to 72,296,232.55 RMB from 50,252,284.70 RMB compared to the previous year[13] - Contract assets increased to 58,658,032.04 RMB from 35,737,245.76 RMB compared to the previous year[13] Operating Costs - Total operating costs for the first three quarters of 2024 were RMB 533,643,380.97, an increase of 2.20% compared to RMB 522,173,305.23 in the same period of 2023[16]

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 54.07, reflecting a PS of 10x for 2024 [5][10]. Core Insights - The company has launched enterprise-level vertical Q&A model 'Wuya' and data analysis model 'Qiusuo', which are built on self-developed technologies and cater to various sectors including finance and legal [10]. - By the end of 2023, the company has secured over RMB 54 million in orders for its AI Infra products, indicating successful implementation across multiple industries [10]. - The company aims for significant revenue growth, targeting at least 60% in 2023, 125% in 2024, and 200% in 2025, based on 2021 revenue [10]. Financial Summary - Revenue projections for 2024, 2025, and 2026 are RMB 653 million, RMB 945 million, and RMB 1.378 billion, respectively, with corresponding net profits of -RMB 232 million, -RMB 174 million, and RMB 6 million [5][10]. - The company expects gross profit margins for software products to improve to 71.99%, 72.99%, and 73.99% from 2024 to 2026, with overall margins at 61.1%, 63.1%, and 65.1% [10]. - The report forecasts a year-on-year revenue growth of 33.1%, 44.6%, and 45.8% for the years 2024, 2025, and 2026, respectively [5][10]. Business Segmentation - The company’s revenue from software products and technical services is projected to grow significantly, with expected revenues of RMB 526.56 million, RMB 778.25 million, and RMB 1.161 billion for 2024, 2025, and 2026, respectively [7]. - The gross margin for software products is anticipated to remain high, reflecting the company's focus on high-value offerings [7]. Product Development - The company is advancing its AI infrastructure by integrating big data and AI technologies, providing a comprehensive toolchain for enterprises to build industry-specific models [2]. - The launch of the Transwarp Knowledge Hub (TKH) aims to enhance data processing and knowledge management capabilities for enterprises [2].

证券代码：688031 证券简称：星环科技 公告编号：2024-032 星环信息科技(上海)股份有限公司 二、本次上市流通的限售股形成后至今公司股本数量变化情况 首次公开发行部分战略配售限售股上市流通公告 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： 本次股票上市类型为首发战略配售股份（限售期 24 月）；股票 认购方式为网下，上市股数为 1,208,424 股。本公司确认，上市流通 数量等于该限售期的全部战略配售股份数量。 本次股票上市流通总数为 1,208,424 股。 本次股票上市流通日期为 2024 年 10 月 18 日。 一、本次上市流通的限售股类型 根据中国证券监督管理委员会 2022 年 8 月 23 日出具的《关于同 意星环信息科技（上海）股份有限公司首次公开发行股票注册的批复》 （证监许可〔2022〕1923 号），公司首次向社会公开发行人民币普通股 （A 股）股票 3,021.0600 万股，并于 2022 年 10 月 18 日在上海证券交 易所科创板挂牌上市，发行完成后总股本为 ...

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 首次公开发行部分战略配售限售股上市流通的核查意见 中国国际金融股份有限公司（以下简称"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"、"公司"）首次公开发行股票并在科创板上市 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 11 号——持续督导》《上海证券 交易所科创板上市公司自律监管指引第 1 号——规范运作》等有关法律法规和规范性文 件的要求，对星环科技首次公开发行部分战略配售限售股上市流通事宜进行了核查，发 表核查意见如下： 一、首次公开发行股票和股本情况 根据中国证券监督管理委员会 2022 年 8 月 23 日出具的《关于同意星环信息科技（上 海）股份有限公司首次公开发行股票注册的批复》（证监许可〔2022〕1923 号），公 司首次向社会公开发行人民币普通股（A 股）股票 3,021.0600 万股，并于 2022 年 10 月 18 日在上海证券交易所科创板挂牌上市，发行完成后总股本为 12,084.2068 万股，其 中有限售条 ...

Investment Rating - Buy rating maintained for the company [1] Core Views - Revenue growth remains steady with significant improvement in gross margin [1] - The company is in a rapid growth phase with increasing profitability potential [4] - Product capabilities have been upgraded, supporting the development of the domestic IT ecosystem [4] Financial Performance - Revenue for 2024 H1 reached 140 million yuan, a year-on-year increase of 1.58% [4] - Net profit attributable to the parent company was -191 million yuan, a year-on-year decrease of 0.89% [4] - Gross margin for 2024 H1 was 58.8%, an increase of 7.54% year-on-year [4] Revenue Breakdown - Big data infrastructure software business revenue was 114 million yuan, accounting for 81.77% of total revenue [4] - Application and solution business revenue was 24 million yuan, accounting for 17.05% of total revenue [4] - Financial industry contributed 39.69% of revenue, an increase of 7.31% year-on-year [4] - Government sector contributed 37.87% of revenue, an increase of 6.39% year-on-year [4] Expense Analysis - Sales expense ratio was 86.31%, an increase of 5.15% year-on-year [4] - Management expense ratio was 43.6%, a decrease of 6.07% year-on-year [4] - R&D expense ratio was 78.72%, an increase of 4.29% year-on-year [4] Product Development - TDH9.4 enhanced functionality and usability for large models and AI application scenarios [4] - Added support for Python ecosystem and provided distributed Python engine [4] - Introduced POSIX interface for handling massive AI training data [4] - Released a new generation of digital credit management system solution [4] - Selected as one of China's best domestic database vendors [4] Financial Projections - Revenue forecast for 2024-2026: 601/732/882 million yuan [1][5] - Net profit forecast for 2024-2026: -209/-138/-69 million yuan [1][5] - P/S ratio forecast for 2024-2026: 5/4/4 [5] Market Performance - Current market price: 26.58 yuan [1] - Total market capitalization: 3,212 million yuan [2] - Free float market capitalization: 2,458 million yuan [2] Industry Comparison - Company stock performance compared to CSI 300 index [3]

证券代码：688031 证券简称：星环科技 星环信息科技（上海）股份有限公司 投资者关系活动记录表 编号：2024-004 | --- | --- | --- | |---------------------|---------------------------------------|--------------------------------------------------------| | | | | | | □ | 特定对象调研 □分析师会议 | | | □ 媒体采访 ☑业绩说明会 | | | 投资者关系活 动类别 | □ 新闻发布会 □路演活动 | | | | □ 现场参观 □电话会议 | | | | □ | 其他 （请文字说明其他活动内容） | | 参与单位名称 | | 线上参与星环信息科技（上海）股份有限公司 2024 年半 | | | 年度业绩说明会的投资者 | | | 时间 | 2024 年 9 月 10 日 | 16:00-17:00 | | | 上海证券交易所上证路演中心 | | | 地点 | （ http://roadshow.sseinfo.com/ | ） | | | 董 ...

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 2024 年半年度持续督导跟踪报告 中国国际金融股份有限公司（以下简称"中金公司"或"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》和 《上海证券交易所科创板上市公司自律监管指引第 1 号—规范运作》等相关规定 对星环信息科技（上海）股份有限公司（以下简称"星环科技"、"公司"）开展 持续督导工作，并出具本持续督导半年度跟踪报告。 一、持续督导工作情况 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 15 | 制定对上市公司的现场检查工作计划，明确现场 | 保荐机构已制定了现场检查的相关 工作计划，并明确了现场检查工作 | | | 检查工作要求，确保现场检查工作质量 | 要求 | | | 上市公司出现下列情形之一的，保荐机构、保荐 | | | | 代表人应当自知道或者应当知道之日起十五日内 | | | | 进行专项现场核查：（一）存在重大财务造假嫌 | | | | 疑；（二）控股股东、实际控制人、董事、监事 | 本持续督导期间，公司不存在该等 | | 16 | 或者 ...

Investment Rating - The report maintains a "Buy" rating and lowers the target price to 49.57 CNY, corresponding to a 10x PS for 2024 [2][3]. Core Views - The company's performance remains relatively stable, with revenue structure continuously improving and a significant increase in gross margin. The ongoing AI transformation of products is expected to lead to better-than-expected growth in the future [1][2]. Summary by Sections Earnings Forecast - The company is projected to achieve revenues of 5.99 billion CNY (-0.86%), 7.33 billion CNY (-2.29%), and 8.81 billion CNY for the years 2024-2026. The net profit attributable to the parent company is expected to be -2.06 billion CNY (-0.62), -1.39 billion CNY (-1.28), and -0.62 billion CNY respectively. The EPS is forecasted to be -1.71 CNY (-0.52), -1.15 CNY (-1.06), and -0.51 CNY [11][12]. Valuation Conclusion - The company is not yet profitable, and a PS valuation method is used. The average PS of comparable companies for 2024 is 13.55x, and a conservative 10x PS valuation is applied to the company, leading to a reasonable valuation of 49.57 CNY per share [12][13]. Revenue Structure Improvement - The revenue from the high-productivity, high-margin basic software business increased by 22.00% year-on-year in the first half of 2024, accounting for 59.78% of total revenue, up 10.1 percentage points year-on-year. The financial sector contributed 39.69% to revenue, an increase of 7.31 percentage points [2][11]. AI Product Development - The company is intensifying its AI product upgrades, with new versions of its data platform enhancing functionality and usability. The introduction of the TDH4.9 version and the Sophon LLMOps1.3 platform aims to meet the growing demand for AI applications, positioning the company as a key player in AI infrastructure [2][11].

证券代码：688031 证券简称：星环科技 星环信息科技（上海）股份有限公司 投资者关系活动记录表 编号：2024-003 | --- | --- | --- | |---------------------|----------------------|---------------------------------| | | | | | | □ | 特定对象调研 □分析师会议 | | | □ | 媒体采访 □业绩说明会 | | 投资者关系活 动类别 | □ | 新闻发布会 □路演活动 | | | □ 现场参观 ☑电话会议 | | | | □ | 其他 （请文字说明其他活动内容） | | 参与单位名称 | 中信证券 | | | | 中金公司 | | | | 博时基金 | | | | 汇丰晋信基金 | | | | 德盛安联 | | | | 沣杨资产 | | | | 高新资产 | | | | 固禾资产 | | | --- | --- | |-------|--------------| | | | | | 和基投资 | | | 江苏瑞华投资 | | | 蓝墨投资 | | | 马可波罗资产 | | | 睿胜投资 ...

业绩表现 证券研究报告 | 公司点评 | 软件开发 | --- | --- | |----------------------------------|------------------------------------------| | | | | 星环科技 (688031) | 报告日期： 2024 年 08 月 31 日 | | 营收结构性改善促使毛利率持续提升 | ，数据库收入增速亮眼 | | | | | ——星环科技 2024 年中报点评 | | 【整体业绩】 （1）2024 上半年营收 1.40 亿（+1.58%），归母净利润-1.91 亿，扣非归母净利 润-2.06 亿。 （2）24Q2 营收 0.77 亿（-18.51%），归母净利润-1.03 亿，扣非归母净利润1.12 亿。 【毛利率、现金流】 2024 年 H1 毛利率 58.80%，同比增加 7.54pct 、24Q2 毛利率 50.31%，同比减少 0.81pct； 2024H1 经营性现金流净额-2.45 亿、24Q2 经营活动现金流净额-0.78 亿。 【费用率】 2024 年 H1 销售/管理/研发费用率 86.31%/43 ...