中邮证券研报指出，合合信息25Q3收入增长加速，加大销售与研发力度，AI赋能C端海外加速商业化。 研发与销售保障下，公司智能文字识别C 端业务在海外取得突破性进展。另外，公司25年6月公告拟在 港股IPO，融资资金有望进一步提升产品性能，并实现海外市场有效推广。公司受益于AI加持，B端业 务实现稳健增长。公司当前用户结构呈现"海外月活占优、国内创收主导"的特征；未来海外市场有望借 助AI 功能迭代升级与精准市场推广，推动用户付费转化加速落地，进而打开较大增长空间。 ...

2025 年 12 月 16 日 MistraiAI 发布 Devstral2 系列，GPT-5.2 定义 专家级智能 推荐(维持) 投资要点 分析师：任春阳 S1050521110006 rency@cfsc.com.cn 行业相对表现 表现 1M 3M 12M 计算机(申万) -3.8 -10.8 6.1 沪深 300 -1.6 0.6 16.4 市场表现 -20 -10 0 10 20 30 (%) 计算机 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《计算机行业周报：DeepSeek 发 布 V3.2 双模型，谷歌 DeepThink 引 领推理革命》2025-12-08 2 、《计算机行业周报： ClaudeOpus4.5 发布， DeepSeekMath-V2 重磅开源》2025- 12-01 3、《计算机行业点评报告：小马智 行（PONY.O）：商业化里程碑确 立，跨城深耕与全球布局双驱》 2025-11-29 ▌ 算 力 ： 算 力 租 赁 价 格 平 稳 ， MistraiAI 发 布 Devstral2 系列 2025 年 12 月 10 日，MistralAI 发布了专为 ...

受益于AI 加持，B 端业务实现稳健增长 2025Q3，公司智能识别文字B 端业务实现营收2060.06 万元，同比+19.64%，主要系Textin 及旗下AI Agent 产品DocFlow 等收入提升，推动智能文字识别B 端业务持续增长；公司商业大数据B 端业务实现 营收3856.28 万元，同比+10.52%，主要系启信慧眼持续丰富AI模块，拓展应用场景，优化使用效率与 用户体验，推动商业大数据B端业务稳定增长。 事件 公司25Q3 收入增长加速。2025 年前三季度，公司实现营收13.03亿元，同比+24.22%；归母净利润3.51 亿元，同比+14.55%。单Q3，公司实现营收4.60 亿元，同比+27.49%（25Q1、Q2 同比+20.93%、 23.94%）；归母净利润9813.89 万元，同比+33.97%。 加大销售与研发力度，AI 赋能C 端海外加速商业化2025 年前三季度，公司销售费用率、管理费用率、 研发费用率分别为31.81%、4.69%、25.40%，同比+2.83pct、-0.50pct、+0.06pct。 研发与销售保障下，公司智能文字识别C 端业务在海外取得突破性进展。 ...

证券研究报告：计算机 | 公司点评报告 发布时间：2025-12-15 股票投资评级 增持|首次覆盖 个股表现 -16% -10% -4% 2% 8% 14% 20% 26% 32% 38% 44% 2024-12 2025-02 2025-05 2025-07 2025-09 2025-12 合合信息 计算机 分析师:陈涵泊 SAC 登记编号:S1340525080001 Email:chenhanbo@cnpsec.com 分析师:孙业亮 SAC 登记编号:S1340522110002 Email:sunyeliang@cnpsec.com 分析师:王思 SAC 登记编号:S1340525080002 Email:wangsi1@cnpsec.com 合合信息(688615) 收入逐季加速，AI 加速海外商业化 ⚫ 事件 公司 25Q3 收入增长加速。2025 年前三季度，公司实现营收 13.03 亿元，同比+24.22%；归母净利润 3.51 亿元，同比+14.55%。单 Q3， 公司实现营收 4.60 亿元，同比+27.49%（25Q1、Q2 同比+20.93%、 23.94%）；归母净利润 9813 ...

目前该方案已应用至亚马逊云科技Medical Deep Insight(简称"MDI")平台。据介绍，作为一款生成式人 工智能驱动的内容生成助手，MDI平台能够帮助临床运营团队、医学团队、药品商业化团队等内容撰写 人在药品全生命周期中提供专业内容撰写及核验支持，从而提高药品上市速度、满足相关医疗从业者的 个性化内容定制及合规需求，助力医疗保健和生命科学行业提质增效。在上述方案实际应用中，用户一 键上传原始文档，MDI平台即可在分钟级内完成数百页包含大量专业术语的医疗文档翻译任务，为临床 诊疗、医学知识服务、医药研发等场景提供有效支撑。 合合信息表示，未来将与亚马逊云科技等生态伙伴开展深度合作，探索AI技术在药品全生命周期管理 中的创新应用。 中证报中证网讯(记者黄一灵)近日，合合信息旗下TextIn平台与亚马逊云科技共同推出医疗行业AI解决 方案，构建了"解析-翻译-输出"一体化流程。 在医药知识快速迭代的背景下，医疗文档处理速度直接关乎研发效率。面对医药研究报告、临床试验文 档、药品审批资料等各类非标准化文档，TextIn平台的文档解析技术最快1.5秒可完成百页文档的信息提 取，解析无线表格、合并单元格、跨 ...

合合信息12月12日大宗交易平台出现一笔成交，成交量5.12万股，成交金额1136.64万元，大宗交易成交 价为222.00元。该笔交易的买方营业部为机构专用，卖方营业部为瑞银证券有限责任公司上海花园石桥 路证券营业部。 进一步统计，近3个月内该股累计发生8笔大宗交易，合计成交金额为4.54亿元。 据天眼查APP显示，上海合合信息科技股份有限公司成立于2006年08月08日，注册资本14000万人民 币。（数据宝） 12月12日合合信息大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折溢 | 买方营 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 价（%） | 业部 | | | 5.12 | 1136.64 | 222.00 | 0.00 | 机构专 | 瑞银证券有限责任公司上海花园石 | | | | | | 用 | 桥路证券营业部 | （文章来源：证券时报网） 证券时报·数据宝统计显示，合合信息今日收盘价为222.00元，上涨13.80%，日换手率为8.88%，成交额 为18.02亿元，全天主力 ...

从资金流向上来看，当日软件开发板块主力资金净流入3.2亿元，游资资金净流出2.01亿元，散户资金净 流出1.19亿元。软件开发板块个股资金流向见下表： 证券之星消息，12月12日软件开发板块较上一交易日上涨1.4%，合合信息领涨。当日上证指数报收于 3889.35，上涨0.41%。深证成指报收于13258.33，上涨0.84%。软件开发板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 688615 | 合合信息 | 222.00 | 13.80% | 8.58万 | | 18.02亿 | | 688651 | 盛邦安全 | 44.55 | 6.58% | 5.48万 | | 2.40 Z | | 688031 | 星环科技 | 75.05 | 5.70% | 7.39万 | | 5.41亿 | | 300377 | 赢时胜 | 21.82 | 5.16% | 135.86万 | | 29.46亿 | | 688692 | 达梦数据 | 270.00 | 4.9 ...

面对医药研究报告、临床试验文档、药品审批资料等各类非标准化文档，合合信息TextIn文档解析技术最快1.5秒可完成百页文档的信息提取，精准解析无 线表格、合并单元格、跨页段落、多层级标题、手写字符等行业难点。 为助力药企重要产品在全球化范围内实现快速上市，合合信息TextIn与亚马逊云科技共同打造了医疗行业解决方案，构建了"解析-翻译-输出"一体化流 程。当用户发起翻译需求时，依托多模态文本智能与大模型技术，平台可自动完成对多语种医疗文档的智能解析与抽取，支持超过50多种语言的翻译，确 保译文与原文格式保持一致、专业术语翻译到位，帮助药企高效引进全球前沿医学成果，提升药企在知识库管理、文档内容翻译、提取关键信息等业务场 景下的效能。 医疗行业的每一次技术突破，离不开对医学研究、数据分析、临床经验等海量数据（603138）的洞察。随着产业全球化布局趋势的加强，医疗行业洞察的 对象扩展至全球多语种医疗文档。现阶段，依赖人工检索、阅读和整理的方式已难以满足企业的研发需求，AI技术正在通过对信息的快速抽取、翻译和 整合，助力医药研发。 近期，合合信息TextIn与亚马逊云科技共同推出医疗行业解决方案，目前该方案已应用 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][6]. Core Insights - The company is a leader in intelligent text recognition and commercial big data, benefiting from the AI boom. It has a dual-driven product strategy targeting both B2C and B2B markets, leveraging proprietary OCR and data mining technologies [5][18]. - The company has demonstrated steady revenue and profit growth, with its core business in intelligent text recognition. For 2024, the expected revenue from intelligent text recognition is 1.09 billion yuan, with a year-on-year growth of 20.5% [5][24]. - The company plans to issue H shares to enhance its global strategy, with a target market capitalization of 43.4 billion yuan based on a 69x PE ratio for 2026 [5][6]. Financial Data and Profit Forecast - The company forecasts total revenue of 1.8 billion yuan for 2025, with a year-on-year growth rate of 25.1%. The expected net profit attributable to the parent company is 495 million yuan, reflecting a growth rate of 23.7% [4][6]. - Revenue and profit projections for 2026 and 2027 are 2.25 billion yuan and 2.83 billion yuan, with corresponding net profits of 627 million yuan and 783 million yuan, maintaining growth rates of 26.5% and 25.0% respectively [4][6]. Business Model and Product Strategy - The company has established a robust product matrix, including key consumer applications like "Scan All-in-One" and "Business Card All-in-One," which have shown significant user engagement and revenue contributions [5][18]. - The B2B segment is transitioning from project-based services to standardized solutions, capitalizing on the demand for AI-driven applications [5][6]. Market Position and Competitive Advantage - The company's OCR technology is a significant barrier to entry, with 18 years of R&D experience leading to industry-leading recognition rates. The integration of AI capabilities enhances its competitive edge [5][40]. - The report argues that the emergence of large models in AI does not threaten the company's OCR technology but rather complements it, allowing for broader application scenarios [5][64]. User Engagement and Growth Potential - The "Scan All-in-One" app has reached 1.3 billion monthly active users, with a paid penetration rate of 5.28% and a VIP renewal rate of 51.62%, indicating strong user retention and growth potential [5][33]. - The company is expanding its overseas market presence, with significant opportunities for user acquisition and revenue growth in international markets [5][6].

Summary of the Conference Call for 合合信息 Company Overview - 合合信息 is a leading company in the field of Optical Character Recognition (OCR) technology, focusing on both consumer (C-end) and business (B-end) products. The main revenue contributors are C-end products such as Scanning King, Business Card King, and Qixinbao, while B-end products include Taxin and commercial big data solutions [2][6][17]. Financial Performance - Revenue growth from 2022 to 2024 is projected at 9.88 billion, 11.87 billion, and 14.38 billion CNY, with net profits of 2.8 billion, 3.2 billion, and 4 billion CNY respectively. For the first three quarters of 2025, revenue reached 13 billion CNY and net profit was 3.51 billion CNY, indicating continuous growth [2][9]. - The gross margin has remained stable at over 84%, increasing to 86.29% in the first half of 2025. The sales expense ratio has slightly increased, while R&D expenses have remained stable and management expenses have decreased [2][11]. Product Performance - Scanning King is the core product, accounting for approximately 60% of total revenue and showing consistent growth. The monthly active users for C-end products reached 170 million, with 7.43 million paying users and an increasing conversion rate [2][12][13][14]. - The company is expanding its product offerings beyond Scanning King to include various applications in education and fitness management, creating a broad product matrix [4]. Market Expansion - The company is actively expanding into overseas markets, with overseas revenue accounting for 30% of total income. The growth in overseas markets, particularly in Brazil and Indonesia, presents significant future potential [2][5]. - The company has seen a 40% year-on-year increase in net cash flow in the third quarter, with expectations for continued high growth in the fourth quarter and into 2026 [5]. B-end Business Development - B-end revenue is expected to grow significantly, with Taxin providing high-precision text recognition services and Qixin Huiyan offering commercial data decision support. B-end revenue for the first half of 2025 grew by 24% year-on-year [3][18]. - The core B-end products include Taxin, which boasts a 99.7% accuracy rate in text recognition, and Qixin Huiyan, which covers 340 million enterprises with over 200 billion real-time data points [19][21]. Future Outlook - Projections for revenue from 2025 to 2027 are 18 billion, 22.4 billion, and 27.7 billion CNY, with net profits of 4.7 billion, 6 billion, and 7.3 billion CNY respectively. The company is expected to maintain a strong growth trajectory with a stable gross margin [3][22]. - The company plans to go public in Hong Kong, which is anticipated to enhance its international brand influence and support overseas business expansion [15][16]. Valuation - As of November 28, the company's price-to-earnings (PE) ratios are 61x for 2025, 41x for 2026, and 39x for 2027, which are relatively lower compared to competitors like Kingsoft Office and Foxit Software. The recommendation remains to maintain a buy rating due to the company's growth potential [23][24].