Financial Performance - The company's operating revenue for Q3 2025 reached ¥460,352,681.63, representing a year-on-year increase of 27.49%[3] - Total profit for the period was ¥123,157,285.90, up 38.62% compared to the same quarter last year[3] - Net profit attributable to shareholders was ¥115,712,987.63, reflecting a growth of 34.93% year-on-year[3] - The cash flow generated from operating activities amounted to ¥184,002,253.52, an increase of 40.25% compared to the previous year[3] - The company reported a net profit of CNY 35,110.04 million for the first nine months of 2025, reflecting a year-on-year growth of 14.55%[14] - Total operating revenue for the first three quarters of 2025 reached RMB 1,303,450,043.38, an increase of 24.2% compared to RMB 1,049,268,035.53 in the same period of 2024[24] - Net profit for the first three quarters of 2025 was RMB 351,062,874.70, representing a growth of 14.5% compared to RMB 306,501,542.02 in 2024[25] - The total comprehensive income for the period was CNY 349,413,381.20, compared to CNY 306,174,073.80 in the previous year, representing an increase of approximately 14.1%[26] User Growth - The number of monthly active users and paying users has increased, contributing to overall business growth[9] - Monthly active users for major C-end products reached 189 million, marking a year-on-year increase of 12.50%[17] - The cumulative number of paying users increased to 9.27 million, a growth of 35.18% year-on-year[17] Research and Development - Research and development expenses totaled ¥129,505,608.16, accounting for 28.13% of operating revenue, a decrease of 2.46 percentage points from the previous year[4] - Research and development expenses increased to RMB 331,063,803.42 in 2025, up 24.5% from RMB 265,902,367.84 in 2024[25] - The company has focused on functional R&D and product innovation, enhancing user experience and expanding its global presence[9] - The company is focusing on product functionality iteration and technological innovation to enhance user experience and accelerate overseas market commercialization[15] Assets and Liabilities - The total assets at the end of the reporting period were ¥3,652,396,487.87, a 4.70% increase from the end of the previous year[4] - The total assets of the company as of September 30, 2025, amounted to RMB 3,652,396,487.87, compared to RMB 3,488,458,463.72 at the end of 2024[22] - Current assets totaled RMB 3,371,798,142.49 as of September 30, 2025, an increase of 5.3% from RMB 3,200,943,422.12 at the end of 2024[21] - The company's total liabilities as of September 30, 2025, were RMB 845,159,841.53, slightly up from RMB 830,885,198.58 at the end of 2024[22] - The equity attributable to shareholders of the parent company increased to RMB 2,807,030,905.89 as of September 30, 2025, compared to RMB 2,657,579,995.52 at the end of 2024[22] Cash Flow - The net cash flow from operating activities for the first three quarters of 2025 was CNY 371,124,133.60, up from CNY 290,299,603.55 in the same period of 2024, indicating a growth of about 28%[27] - Cash inflow from sales of goods and services reached CNY 1,391,889,330.57, compared to CNY 1,095,154,789.14 in the previous year, marking an increase of approximately 27%[27] - The net cash flow from investment activities was negative at CNY -341,844,692.63, a decline from a positive CNY 59,288,209.24 in the previous year[28] - The company experienced a negative cash flow from financing activities of CNY -229,338,849.98, contrasting with a positive cash flow of CNY 1,283,171,305.45 in the previous year[29] Earnings Per Share - The company reported a basic and diluted earnings per share of CNY 2.51, down from CNY 2.92 in the previous year, reflecting a decrease of about 14.1%[26] Strategic Plans - The company plans to accelerate the commercialization of its overseas products and enhance their functionalities[9] - The company plans to adopt a differentiated development strategy to reduce promotional expenses in response to market competition[16] - The company continues to expand AI application scenarios to optimize user efficiency and experience in its business data segment[16] Other Information - The company did not undergo any mergers under common control during the reporting period[26]

上海合合信息科技股份有限公司（以下简称"公司"）于2025年10月30 日分别召开第二届董事会第二十四次会议、第二届董事会审计委员会第十五次会 议，审议通过了《关于使用部分暂时闲置募集资金进行现金管理的议案》，同意 公司在不影响募集资金投资计划正常进行和募集资金安全的前提下，使用额度不 超过35,000万元(含本数)闲置募集资金进行现金管理，用于购买安全性高、流动 性好的保本型产品（包括通知存款、定期存款、结构性存款、大额存单等），在 上述额度范围内，资金可以滚动使用，使用期限自董事会审议通过之日起12个月 内。 保荐机构中国国际金融股份有限公司（以下简称"保荐机构"）对该事 项出具了明确的核查意见。现将具体情况公告如下： 一、募集资金基本情况 证券代码：688615 证券简称：合合信息 公告编号：2025-048 上海合合信息科技股份有限公司 关于使用部分暂时闲置募集资金 进行现金管理的公告 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： 根据中国证券监督管理委员会（以下简称"中国证监会"）出具的《关于同 ...

Core Viewpoint - The stock of Hehe Information has shown a significant increase in price and trading volume, indicating strong market interest and potential growth in the company's business operations [1][2]. 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 company's main revenue sources include: 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 0.38% from other sources [1]. Financial Performance - For the first half of 2025, Hehe Information reported a revenue of 843 million yuan, representing a year-on-year growth of 22.51%, and a net profit attributable to shareholders of 235 million yuan, which is a 6.63% increase compared to the previous year [2]. - The stock price has increased by 30.38% year-to-date, with a 5.26% rise over the last five trading days and a 21.29% increase over the last 20 days [1]. Shareholder Information - As of June 30, 2025, the number of shareholders for Hehe Information was 8,894, a decrease of 4.82% from the previous period, while the average number of circulating shares per person increased by 47.08% to 3,148 shares [2]. - The top circulating shareholders include major funds such as Taixin Small and Medium Cap Selected Mixed Fund and others, indicating strong institutional interest [3]. Market Activity - On October 29, the stock price reached 186.66 yuan per share with a trading volume of 396 million yuan, reflecting a turnover rate of 2.25% and a total market capitalization of 26.132 billion yuan [1]. - Despite a net outflow of 15.08 million yuan from main funds, large orders showed significant buying activity, indicating mixed market sentiment [1].

Core Insights - On October 28, Hohhot Information saw a stock price increase of 3.16% with a trading volume of 1.307 billion yuan [1] - The company reported a net financing purchase of 51.986 million yuan on the same day, with a total financing balance of 588 million yuan, representing 3.32% of its market capitalization [1][2] - Hohhot Information's revenue for the first half of 2025 reached 843 million yuan, a year-on-year increase of 22.51%, while net profit attributable to shareholders was 235 million yuan, up 6.63% [2] Financing and Margin Trading - On October 28, Hohhot Information had a financing purchase of 211 million yuan, with a financing balance of 588 million yuan, which is above the 90th percentile of the past year [1] - The company had no short selling activity on the same day, with a short selling balance of 0 yuan, indicating a high level of investor confidence [1] Business Overview - Hohhot Information, established on August 8, 2006, specializes in intelligent text recognition and commercial big data technologies, serving both C-end and B-end clients [2] - The revenue composition includes 81.65% from C-end intelligent text recognition products, 9.44% from B-end commercial big data services, and smaller contributions from other segments [2] Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 4.82% to 8,894, while the average circulating shares per person increased by 47.08% to 3,148 shares [2][3] - The top circulating shareholder is Taixin Small and Medium Cap Selected Mixed Fund, which increased its holdings by 38,500 shares [3]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5][8]. Core Insights - The company is a leading player in intelligent text recognition, with significant growth potential driven by new AI applications and overseas expansion [5][10]. - The global intelligent text recognition service market is projected to reach USD 12.558 billion in 2023, with a CAGR of approximately 14.8% from 2024 to 2030 [7][42]. - The company is expected to achieve revenues of RMB 17.31 billion, RMB 20.86 billion, and RMB 25.04 billion for the years 2025 to 2027, respectively, with corresponding growth rates of 20.37%, 20.48%, and 20.05% [6][8]. Summary by Sections Market Performance - As of October 27, 2025, the closing price of the company's stock is RMB 177.33, with a total market capitalization of RMB 24,826.20 million [3]. Financial Forecast and Valuation - Revenue projections for 2023 to 2027 show a steady increase, with operating income expected to grow from RMB 1,187 million in 2023 to RMB 2,504 million in 2027 [6]. - The company’s net profit attributable to shareholders is forecasted to rise from RMB 323 million in 2023 to RMB 698 million in 2027, reflecting a strong growth trajectory [6]. Business Overview - The company operates in both C-end and B-end markets, with its flagship products, CamScanner and CamCard, leading in user scale and brand recognition [10][15]. - The C-end business is primarily driven by subscription models, while the B-end focuses on providing tailored solutions to various industries [18][64]. Revenue Growth and Profitability - The company has maintained a robust revenue growth rate, with a CAGR of 25.59% from 2020 to 2024, and expects to continue this trend [22]. - The gross margin is projected to remain high, with estimates of 84.6%, 84.9%, and 85.2% for 2025 to 2027 [9][31]. Product and Service Development - The launch of the TextIn xParse document processing platform is expected to enhance B-end commercial monetization and drive revenue growth [10][76]. - The company’s intelligent text recognition services are expanding to support various applications, including document parsing and AI model training [58][76]. Competitive Landscape - The company faces competition in the C-end market, particularly with its commercial data services, but maintains a strong user base and brand loyalty [66][69]. - The B-end services are evolving towards higher value-added solutions, indicating a shift in revenue structure [72].

Core Viewpoint - The stock of Hehe Information has experienced fluctuations, with a current price of 175.28 CNY per share, reflecting a year-to-date increase of 22.43% and a recent 5-day increase of 4.78% [1] Company Overview - Hehe Information Technology Co., Ltd. was established on August 8, 2006, and is located in Shanghai, China. 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 various B-end clients [1] - 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 0.38% from other sources [1] Financial Performance - For the first half of 2025, Hehe Information reported a revenue of 843 million CNY, representing a year-on-year growth of 22.51%. The net profit attributable to shareholders was 235 million CNY, with a year-on-year increase of 6.63% [2] - The company has distributed a total of 200 million CNY in dividends since its A-share listing [3] Shareholder Structure - As of June 30, 2025, the number of shareholders for Hehe Information was 8,894, a decrease of 4.82% from the previous period. The average number of circulating shares per person increased by 47.08% to 3,148 shares [2] - The top circulating shareholders include: - Taixin Small and Medium Cap Selected Mixed Fund (290011) as the largest shareholder with 1.18 million shares, an increase of 385,000 shares from the previous period - Taixin Xinxuan Mixed A (001970) as the third largest shareholder with 770,000 shares, an increase of 340,000 shares - New entrants include Morgan Stanley Digital Economy Mixed A (017102) with 606,500 shares and Bosera SSE Sci-Tech Innovation Board AI ETF (023520) with 279,600 shares [3]

Group 1 - The People's Bank of China Shanghai Branch has imposed a fine of 115,500 CNY on Shanghai Shengteng Data Technology Co., Ltd. for two violations related to credit reporting [1][2] - The violations include failure to report the required template and content of credit reports, and failure to report the evaluation methods, models, and key dimensional elements of credit evaluation products [2] - Shanghai Shengteng Data Technology Co., Ltd. is a wholly-owned subsidiary of Shanghai Hehe Information Technology Co., Ltd., which is listed with the stock code 688615 [2] Group 2 - The core product of Shanghai Shengteng Data Technology is "Qixinbao," an enterprise information query tool that provides various industry professionals with access to company information, including business registration, investment bidding information, and legal disputes [2] - This is not the first time "Qixinbao" has faced penalties for compliance issues; it was previously required to rectify its practices for "excessive collection of personal information" in November 2021 [2] - As of October 23, the stock price of Hehe Information has decreased by 1.85%, closing at 174.05 CNY per share, with a total market capitalization of 24.367 billion CNY [2][4]

Core Viewpoint - Three companies, Zhongxin Co., Ltd. (603091.SH), Hehe Information (688615.SH), and Yinuosi Biotechnology (688710.SH), will begin trading under the "Shanghai-Hong Kong Stock Connect" mechanism starting October 27, 2025, and will be included as eligible securities in the central settlement system [2] Group 1: Company Information - Zhongxin Co., Ltd. (603091) will be traded under the English name "ZHEJIANG ZHON-A" [2] - Hehe Information (688615) will be traded under the English name "INTSIG INFORM-A" [2] - Yinuosi Biotechnology (688710) will be traded under the English name "SHANGHAI INNO-A" [2] Group 2: Trading Mechanism - The trading of these companies will be conducted in Renminbi and will follow the general rules and operational procedures of Hong Kong settlement [2] - The central settlement system will not provide physical stock custody and withdrawal services for these securities [2]

Core Points - Three companies, Zhongxin Co., Ltd. (603091.SH), Hehe Information (688615.SH), and Innos (688710.SH), will start trading under the "Shanghai-Hong Kong Stock Connect" from October 27, 2025 [1] - These companies will be included as eligible securities in the Central Clearing System, with trading conducted in Renminbi [1] - The Hong Kong Clearing will not provide physical stock custody and withdrawal services for these securities [1] Summary by Category Company Information - Zhongxin Co., Ltd. (603091) will be trading under the English name "ZHEJIANG ZHON-A" [2] - Hehe Information (688615) will be trading under the English name "INTSIG INFORM-A" [2] - Innos (688710) will be trading under the English name "SHANGHAI INNO-A" [2] Trading Mechanism - The trading of these companies will follow the general rules and operational procedures of Hong Kong Clearing [1] - The settlement and clearing will be conducted under the continuous net settlement system of the Central Clearing System [1]

Core Insights - The development of multimodal large models is becoming a significant direction in AI, with a recent forum focusing on "Multimodal Text Intelligence Models" attracting considerable attention from experts and scholars [1][4]. Group 1: Multimodal AI Development - Multimodal AI integrates various forms of information, including text, images, audio, and video, to enhance understanding and communication [4]. - The 2025 Gartner AI maturity curve indicates that multimodal AI will become a core technology for enhancing applications and software products across industries in the next five years [4]. Group 2: Technical Innovations - The "Multimodal Thinking Chain" technology presented by Harbin Institute of Technology breaks down reasoning logic into interpretable cross-modal steps, leading to more accurate conclusions [4]. - A systematic OCR illusion mitigation solution was introduced to improve the visual text perception capabilities of multimodal large models [4]. Group 3: Practical Applications - The "Multimodal Text Intelligence Technology" solution by Hehe Information aims to provide a comprehensive understanding of multimodal information, addressing the challenges of semantic disconnection and layout relationships in complex scenarios [15]. - This technology extends the processing of text from traditional documents to various media, including reports, financial statements, and videos, enhancing AI's ability to understand and interpret complex information [14][15]. Group 4: Industry Impact - The demand for AI systems is shifting from mere functionality to business empowerment, with the "Multimodal Text Intelligence Technology" solution designed to evolve AI from a supportive tool to a decision-making business partner [15]. - Applications of this technology have been initiated in sectors such as finance, healthcare, and education, focusing on intelligent reconstruction of business processes through precise perception and reliable decision-making [15].