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 | | | 证券代码：688615 证券简称：合合信息 公告编号：2025-052 上海合合信息科技股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度的提示性公告 上海合合信息科技股份有限公司（以下简称"公司"）持股 5%以上股东东方富海 （芜湖）股权投资基金管理企业（有限合伙）－东方富海（芜湖）股权投资基金（有限 合伙）（以下简称"东方富海"）及其一致行动人东方富海（芜湖）股权投资基金管理企 业（有限合伙）－东方富海（芜湖）二号股权投资基金（有限合伙）（以下简称"东方 富海二号"）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。 公司于 2025 年 11 月 28 日收到股东东方富 ...

Group 1: Investment Recommendations - Monthly stock recommendations include: XJ Electric (000400.SZ) in power equipment, Zai Jian Pharmaceutical (688266.SH) in pharmaceuticals, Chip Source Microelectronics (688037.SH) in electronics, Hehe Information (688615.SH) in computers, Changying Precision (300115.SZ) in robotics & electronics, China Life (601628.SH) in non-banking, Shentong Express (002468.SZ) in transportation, Yahua Group (002497.SZ) in new metal materials, Global New Material International (06616.HK) in building materials, and Haidar (920699.BJ) on the Beijing Stock Exchange [3] Group 2: Power Equipment - XJ Electric (000400.SZ) is recommended due to: (1) Price reductions in secondary equipment, electric meters, and distribution network equipment may have bottomed out, indicating a potential rebound in the core business; (2) Severe challenges in renewable energy consumption with expectations for significant growth in ultra-high voltage direct current projects; (3) The offshore wind sector is expected to experience high prosperity during the 14th Five-Year Plan, which may open up opportunities in the direct current equipment industry [4] Group 3: Pharmaceuticals - Zai Jian Pharmaceutical (688266.SH) is recommended because: The existing core business has four products on the market, with future products expected to accelerate growth; the III phase pipeline DLL3 is expected to solidify the core business and has high overseas potential; the II phase pipeline PD1/TIGIT may provide significant growth flexibility; future dual-antibody/multi-antibody platform products are anticipated to open up growth space [6] Group 4: Electronics - Chip Source Microelectronics (688037.SH) is recommended due to: Rapid growth in demand driven by AI for advanced processes and storage, leading to accelerated expansion of wafer fabs; as a leading domestic supplier of large wet processing equipment, it continues to make breakthroughs in coating and developing equipment, with successful industrialization of chemical cleaning equipment; the market for domestic substitutes in coating and cleaning equipment is expected to grow significantly [8] Group 5: Computers - Hehe Information (688615.SH) is recommended because: In Q3 2025, revenue grew by 27.5% year-on-year, and profit increased by 34.9% year-on-year; AI products are continuously iterated, and the TextIn xParse platform provides general document parsing services for LLM downstream tasks, which may open up B-end market space; as a global leader in OCR, the company has 189 million monthly active users for its main C-end products, and the upcoming listing in Hong Kong is expected to further expand overseas markets and release growth potential [10] Group 6: Robotics & Electronics - Changying Precision (300115.SZ) is recommended due to: The robotics business supplies leading domestic and international robot manufacturers, with significant valuation elasticity; the consumer electronics business is deeply tied to Apple, and new projects like AI glasses are expected to bring revenue growth [12] Group 7: Non-Banking - China Life (601628.SH) is recommended because: The asset-liability matching is excellent, with a focus on annuities with an actual duration of about 10 years, leading to a narrowing duration gap; the early transformation to dividend insurance sales has resulted in a 51.72% share of new single premium in Q1 2025, outperforming most peers; future dividend payment capabilities have room for growth due to the reclassification of assets [13] Group 8: Transportation - Shentong Express (002468.SZ) is recommended due to: The "anti-involution" trend in the express delivery industry is expected to strengthen, with a potential recovery in prices by 2026; as one of the leading companies in the express delivery sector, it has significant profit elasticity and may have entered a period of sustained validation [16] Group 9: New Metal Materials - Yahua Group (002497.SZ) is recommended because: The dual main businesses of lithium hydroxide and civil explosives are running concurrently, with stable contributions from the explosives business and potential rebound in lithium business; the lithium segment is expanding production in partnership with Tesla, and the African K mine is expected to contribute to performance during the lithium price bottoming period [18] Group 10: Building Materials - Global New Material International (06616.HK) is recommended due to: The pearlescent pigment industry has strong consumer attributes, with a history of double-digit growth and annual price increases; upstream high-quality natural materials are depleting, leading to a concentration of core resources in leading companies; the acquisition of Germany's Merck SUSONITY has positioned the company as an industry leader and opened up high-end market opportunities [20] Group 11: Beijing Stock Exchange - Haidar (920699.BJ) is recommended because: It is a leading domestic supplier of server slide rails, breaking industry monopolies and leading self-replacement; the company has successfully entered the higher technical barrier server market and is a qualified supplier for major server manufacturers; the focus on high-value new products in AI server liquid cooling is expected to enhance profitability [22]

Group 1 - The State Intellectual Property Office of China has granted a patent titled "A Method and Device for Expanding and Updating Knowledge Graphs" to four companies: Shanghai Shengteng Data Technology Co., Ltd., Shanghai Hehe Information Technology Co., Ltd., Shanghai Linguan Data Technology Co., Ltd., and Shanghai Yingwu Data Technology Co., Ltd. The patent authorization announcement number is CN114036173B, with an application date of November 2021 [1][2]. Group 2 - Shanghai Shengteng Data Technology Co., Ltd. was established in 2017, located in Shanghai, and primarily engages in professional technical services. The company has a registered capital of 300 million RMB. It has invested in one company, participated in 430 bidding projects, and holds 316 trademark records and 128 patent records, along with one administrative license [1]. - Shanghai Hehe Information Technology Co., Ltd. was founded in 2006, also located in Shanghai, focusing on software and information technology services. The company has a registered capital of 140 million RMB. It has invested in 16 companies, participated in 272 bidding projects, and has 216 trademark records and 297 patent records, in addition to seven administrative licenses [1]. - Shanghai Linguan Data Technology Co., Ltd. was established in 2017, located in Shanghai, and primarily operates in software and information technology services. The company has a registered capital of 350 million RMB. It has invested in two companies, participated in eight bidding projects, and holds 19 trademark records and 133 patent records, along with two administrative licenses [2]. - Shanghai Yingwu Data Technology Co., Ltd. was founded in 2018, located in Shanghai, and focuses on software and information technology services. The company has a registered capital of 1.5 million RMB. It holds 10 trademark records and 126 patent records [2].

Core Viewpoint - The stock of Shanghai Hehe Information Technology Co., Ltd. has experienced fluctuations, with a current price of 203.40 CNY per share, reflecting a year-to-date increase of 42.07% [1][2]. Company Overview - Shanghai Hehe Information Technology Co., Ltd. was established on August 8, 2006, and is located in Shanghai and Hong Kong. The company specializes in intelligent text recognition and commercial big data technologies, providing digital and intelligent products and services to both C-end users and B-end clients across various industries [2]. - The company's revenue composition includes: 81.65% from intelligent text recognition C-end products, 9.44% from commercial big data B-end products and services, 4.87% from intelligent text recognition B-end products and services, 3.48% from commercial big data C-end products, and 0.55% from other sources [2]. Financial Performance - For the period from January to September 2025, the company achieved a revenue of 1.303 billion CNY, representing a year-on-year growth of 24.22%. The net profit attributable to the parent company was 351 million CNY, with a year-on-year increase of 14.55% [2]. - As of September 30, 2025, the company had a total of 13,700 shareholders, an increase of 53.87% from the previous period, with an average of 7,063 circulating shares per shareholder, up by 124.38% [2]. Stock Performance and Market Activity - On November 28, the stock price of Hehe Information fell by 2.00%, with a trading volume of 88.5966 million CNY and a turnover rate of 0.45%. The total market capitalization is 28.476 billion CNY [1]. - The net outflow of main funds was 6.8436 million CNY, with large orders accounting for 23.30% of purchases and 26.85% of sales [1]. - The stock has seen a 4.31% increase over the last five trading days, a 6.20% decrease over the last 20 days, and a 9.99% increase over the last 60 days [1]. Shareholder Information - Since the A-share listing, the company has distributed a total of 200 million CNY in dividends [3]. - As of September 30, 2025, several funds, including 泰信中小盘精选混合 and 大摩数字经济混合A, have exited the list of the top ten circulating shareholders [3].

Core Insights - The stock price of Hehe Information increased by 2.18% on November 24, reaching 199.25 CNY per share, with a total market capitalization of 27.895 billion CNY [1] - The company has seen a year-to-date stock price increase of 39.17%, with a recent decline of 2.80% over the last five trading days [1] Company Overview - Hehe Information, established on August 8, 2006, is located in Shanghai and specializes in intelligent text recognition and commercial big data technologies, providing digital and intelligent products and services to both C-end users and various B-end clients [1] - The revenue composition of the company includes: 81.65% from C-end intelligent text recognition products, 9.44% from B-end commercial big data products and services, 4.87% from B-end intelligent text recognition products and services, 3.48% from C-end commercial big data products, and 0.55% from other sources [1] Financial Performance - For the period from January to September 2025, Hehe Information reported a revenue of 1.303 billion CNY, representing a year-on-year growth of 24.22%, and a net profit attributable to shareholders of 351 million CNY, reflecting a year-on-year increase of 14.55% [2] - The company has distributed a total of 200 million CNY in dividends since its A-share listing [3] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 53.87% to 13,700, with an average of 7,063 circulating shares per shareholder, up by 124.38% [2] - Notable changes in institutional holdings include the exit of several funds from the top ten circulating shareholders [3]

Core Viewpoint - The company, Shanghai Hehe Information Technology Co., Ltd., is experiencing fluctuations in its stock performance and financing activities, with significant growth in revenue and net profit year-on-year, indicating a strong business trajectory despite recent market volatility [1][2]. Financing Activities - On November 20, the company saw a financing buy-in amount of 49.88 million yuan, with a net financing outflow of -18.40 million yuan, indicating a higher level of financing repayment compared to new purchases [1]. - The total financing balance as of November 20 is 533 million yuan, accounting for 2.77% of the circulating market value, which is above the 90th percentile of the past year, suggesting a high level of financing activity [1]. Company Overview - Shanghai Hehe Information was established on August 8, 2006, and is set to be listed on September 26, 2024. The company specializes in intelligent text recognition and commercial big data technologies, serving both C-end users and various B-end clients [2]. - The revenue composition shows that 81.65% comes from C-end products related to intelligent text recognition, while B-end products and services contribute 9.44% and 4.87%, respectively [2]. Financial Performance - For the period from January to September 2025, the company achieved a revenue of 1.303 billion yuan, reflecting a year-on-year growth of 24.22%, while the net profit attributable to shareholders was 351 million yuan, up 14.55% year-on-year [2]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 53.87% to 13,700, with an average of 7,063 circulating shares per person, indicating growing investor interest [2][3]. - The company has distributed a total of 200 million yuan in dividends since its A-share listing [3].

Core Insights - On November 19, brokerages provided target prices for listed companies, with notable increases for 易瑞生物 (Yirui Biotech), 中国海诚 (China Haicheng), and 健康元 (Health元), showing target price increases of 44.37%, 40.26%, and 26.01% respectively, across the medical device, professional engineering, and chemical pharmaceutical industries [1][2]. Group 1: Target Price Increases - 易瑞生物 (Yirui Biotech) received a target price of 15.00 yuan with a target increase of 44.37% from 华创证券 (Huachuang Securities) [2]. - 中国海诚 (China Haicheng) has a target price of 15.40 yuan, reflecting a 40.26% increase from 国泰海通证券 (Guotai Junan Securities) [2]. - 健康元 (Health元) was assigned a target price of 15.26 yuan, indicating a 26.01% increase from 国泰海通证券 (Guotai Junan Securities) [2]. Group 2: Brokerage Recommendations - A total of 37 listed companies received brokerage recommendations on November 19, with 伊利股份 (Yili Group) receiving recommendations from 3 brokerages, 南方航空 (Southern Airlines) from 1, and 易瑞生物 (Yirui Biotech) from 1 [3]. - 伊利股份 (Yili Group) closed at 29.58 yuan and was recommended by 3 brokerages in the beverage and dairy industry [3]. Group 3: First Coverage - On November 19, 6 companies received initial coverage from brokerages, including 潮宏基 (Chao Hong Ji) with a "Buy" rating from 首创证券 (Shouchuang Securities) [4]. - 海容冷链 (Hairong Cold Chain) received an "Increase" rating from 兴业证券 (Industrial Securities) [4]. - 风华高科 (Fenghua High-Tech) was rated "Buy" by 中邮证券 (China Post Securities) [4].

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][19]. Core Insights - The company has demonstrated accelerated revenue growth, driven by AI empowerment and globalization, with a 24.22% year-on-year increase in revenue for the first three quarters of 2025, reaching 1.303 billion yuan [2]. - The net profit attributable to shareholders for the same period grew by 14.55% year-on-year, amounting to 351 million yuan [2]. - In Q3 2025 alone, the company achieved a revenue of 460 million yuan, reflecting a 27.49% year-on-year growth, and a net profit of 116 million yuan, up 34.93% year-on-year [2]. Financial Performance Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 1,438 million yuan, 1,783 million yuan, 2,201 million yuan, and 2,704 million yuan respectively, with year-on-year growth rates of 21.2%, 24.0%, 23.5%, and 22.8% [4]. - The net profit attributable to shareholders is forecasted to be 401 million yuan, 502 million yuan, 609 million yuan, and 733 million yuan for the same years, with growth rates of 23.9%, 25.2%, 21.5%, and 20.2% respectively [4]. - The earnings per share (EPS) are projected to be 2.86 yuan, 3.58 yuan, 4.35 yuan, and 5.23 yuan for 2024A, 2025E, 2026E, and 2027E respectively [4]. Business Segment Performance - The C-end business, particularly the intelligent text recognition products, saw a revenue of 385 million yuan in Q3, marking a 32.40% year-on-year increase, driven by an increase in active users and paid users [8]. - The B-end business also showed steady growth, with Q3 revenue from B-end products reaching 20.6 million yuan, a 19.64% year-on-year increase [8]. - The company is enhancing its overseas market capabilities and user experience, which is expected to further strengthen its brand recognition and long-term growth potential [8]. Investment Recommendations - The report suggests that the company's technological and product capabilities are building a competitive moat, with continuous improvements in AI capabilities [8]. - The target price for the company is set at 239 yuan, based on a projected market capitalization of 33.5 billion yuan, applying a 55x PE ratio for 2026 [4][8].

Core Viewpoint - The company, Shanghai Hehe Information Technology Co., Ltd., has shown significant growth in revenue and net profit, indicating a strong market position in intelligent text recognition and commercial big data services [2][3]. Group 1: Financial Performance - For the period from January to September 2025, the company achieved a revenue of 1.303 billion yuan, representing a year-on-year growth of 24.22% [2]. - The net profit attributable to the parent company for the same period was 351 million yuan, reflecting a year-on-year increase of 14.55% [2]. Group 2: Shareholder and Market Activity - As of November 18, the company's stock price increased by 1.22%, with a trading volume of 803 million yuan [1]. - The financing buy-in amount on November 18 was 99.81 million yuan, with a net buy of 10.48 million yuan, indicating strong investor interest [1]. - The total financing and securities lending balance reached 529 million yuan, which is 2.64% of the circulating market value, placing it above the 90th percentile for the past year [1]. Group 3: Business Overview - The company specializes in intelligent text recognition and commercial big data, with revenue composition as follows: 81.65% from C-end intelligent text recognition products, 9.44% from B-end commercial big data products and services, and 4.87% from B-end intelligent text recognition products and services [2]. - The company was established on August 8, 2006, and is set to be listed on September 26, 2024 [2].

Group 1: Computing Power Dynamics - The rental prices for computing power remain stable, with Tencent Cloud pricing at 5.73 RMB/hour for A100-40G configuration and Alibaba Cloud at 31.58 RMB/hour for a similar setup [14][16]. - Sina Weibo's AI team has open-sourced the VibeThinker-1.5B model, which has 1.5 billion parameters and a training cost of less than $8,000, achieving significant performance in logical reasoning tasks [15][28]. Group 2: AI Application Dynamics - Kimi's weekly traffic increased by 39.84%, making it the fastest-growing AI application in terms of user engagement [29][30]. - OpenAI's release of the GPT-5.1 series marks a significant advancement in human-computer interaction, with improvements in user experience and naturalness of dialogue [31][32]. Group 3: AI Financing Trends - AI code editor Cursor completed a $2.3 billion Series D funding round, achieving a valuation of $29.3 billion, driven by its innovative CursorXComposer dual-engine architecture [46][48]. Group 4: Investment Recommendations - Tencent reported a total revenue of 192.87 billion RMB for Q3 2025, a 15% year-on-year increase, with significant growth in its financial technology and enterprise services segments [58]. - Companies to watch include Yida Information (001314.SZ), Weike Technology (301196.SZ), and Nengke Technology (603859.SH), all showing strong growth potential in their respective fields [59][60].