Investment Rating - The report initiates coverage with a "Buy" rating for the company [5][3]. Core Insights - The company, Hehe Information, is a leading player in the C-end productivity software market, driven by AI and overseas expansion [3][8]. - The company has a strong user base and brand influence, with expectations for continued growth in both C-end and B-end business segments [8][16]. - Revenue and profit margins have shown consistent improvement, with a projected revenue growth rate of 24.2% for 2025 [21][5]. Summary by Sections Company Overview - Hehe Information specializes in AI text recognition and commercial big data, having developed popular apps like "CamScanner" and "CamCard" [8][16]. - The company has been operational since 2006, focusing on text recognition and image processing technologies [16]. Financial Performance - From 2018 to 2024, the company's revenue increased from 196 million RMB to 1.438 billion RMB, with a compound annual growth rate (CAGR) of 39.39% [21][24]. - The net profit turned from a loss of 79 million RMB in 2018 to a profit of 401 million RMB in 2024, with a gross margin improvement from 72.54% to 84.28% [21][24]. Business Segments - The company's main revenue sources are from intelligent text recognition and commercial big data services, with the former contributing 84.53% of total revenue in 2024 [22][30]. - The "CamScanner" app generated 982 million RMB in revenue, accounting for 68.31% of the intelligent recognition segment [22][30]. Market Position and Growth Potential - The global market for intelligent text recognition services is expected to grow from 12.56 billion USD in 2023 to 32.9 billion USD by 2030, with a CAGR of approximately 14.8% [43][46]. - The Chinese market for intelligent text recognition services is projected to grow at a CAGR of 16.5%, outpacing global growth rates [43][46]. Product Development and Innovation - The company is expanding its product offerings, including new educational software aimed at the C-end market, which may become a new growth driver [8][16]. - The company has established a strong foothold in the B-end market, serving over 130 Fortune 500 companies and implementing solutions across nearly 30 industries [8][16].

Investment Rating - The report maintains a positive outlook on the AI industry, suggesting continued attention to investment opportunities within the sector [3][7]. Core Insights - The national emphasis on AI development is highlighted, with significant political support from President Xi Jinping, who underscored the importance of self-reliance and application orientation for healthy AI growth [2][7]. - The "Model Speed Space" in Shanghai is identified as a key innovation hub for AI, representing a comprehensive industry chain and expected to enhance industry momentum [2][7]. - The integration of young talent and academia is seen as a catalyst for accelerating the commercialization of AI technologies, with a focus on leveraging China's large pool of engineers and youth [2][7]. - The report emphasizes the diverse applications of AI products, advocating for quality and safety in development, and notes the vast market potential in China [2][7]. Summary by Sections National Policy and Industry Development - The report discusses the recent collective study by the Political Bureau of the CPC Central Committee on AI, indicating a strong governmental push for the sector [2][3]. - President Xi's visit to Shanghai reinforces the strategic importance of AI in national development, aiming to position Shanghai as a global tech innovation center [2][7]. Key Companies and Investment Opportunities - Recommended companies include Hehe Information, Sie Consulting, Digiwin Software, ArcSoft, Wondershare Technology, Kingdee International, Kingsoft Office, and Hygon Information Technology, with Cambricon Technologies identified as a beneficiary [3][7]. - The report provides earnings forecasts for these companies, indicating potential growth in EPS and PE ratios over the next few years [5]. Market Dynamics and Product Development - The report notes the flourishing of AI applications across various sectors, emphasizing the need for safe and reliable products to ensure long-term growth [2][7]. - The "Model Speed Space" showcases a range of AI products, reflecting a shift from "Made in China" to "Intelligent Manufacturing in China" [2][7].

Industry Overview - Intelligent text recognition is a technology that identifies text from images, converting handwritten or printed text into a format that can be processed by computers. It can handle various image scenarios, including scanned documents and natural scene images with text [1][3] - The rapid development of IoT, cloud computing, and big data has led to an exponential increase in data, creating significant demand for electronic storage, data extraction, and analysis of documents. Intelligent text recognition is a core technology for document data management, presenting a favorable development opportunity for the industry [9][11] Market Size and Growth - The market size of intelligent text recognition in China is projected to grow from 610 million yuan in 2017 to 10.53 billion yuan in 2024, with a forecast to reach 17 billion yuan by 2027 [9][11] - From 2022 to 2027, the compound annual growth rates (CAGR) for various segments of the intelligent text recognition market are expected to be 16.5% for basic technology services, 22.4% for standardized products (C-end), 30% for standardized products (B-end), and 31.6% for scenario-based solutions [11] Competitive Landscape - The competitive landscape for intelligent text recognition varies between C-end and B-end products. Leading C-end applications include CamScanner, OfficeLens, Google Lens, and others, with CamScanner maintaining a leading position in user scale and brand recognition [13][15] - The B-end market features major players such as Google, Baidu, Tencent, and Alibaba, which provide a wide range of services through their cloud platforms. Non-integrated AI companies like 合合信息 (Hehe Information) and ABBYY focus primarily on intelligent text recognition [13][17] Key Companies - Hanwang Technology Co., Ltd. is a pioneer in the AI industry in China, specializing in handwriting recognition and OCR. The company is projected to achieve a revenue of 1.817 billion yuan in 2024, reflecting a year-on-year growth of 25.29% [18] - 合合信息 (Hehe Information) focuses on intelligent text recognition and big data services, with a projected revenue of 1.216 billion yuan in 2024, showing a year-on-year growth of 22.01% [20] Development Trends - The integration of intelligent text recognition with deep learning, natural language processing, and computer vision is driving the emergence of new application scenarios, such as in healthcare and finance, with significant efficiency improvements [22] - The demand for customized solutions in various industries is increasing, with companies like 合合信息 providing tailored services to over 30 sectors, including banking and manufacturing [23] - Regulatory frameworks and standards are being established to ensure compliance and promote the industry's sustainable development, with upcoming policies requiring enhanced data traceability and compliance capabilities [24]

二零二五年五月 上海合合信息科技股份有限公司 2024年度股东大会会议资料 上海合合信息科技股份有限公司 2024年年度股东大会 会议资料 证券代码：688615 证券简称：合合信息 目录 | 上海合合信息科技股份有限公司2024年年度股东大会会议须知 3 | | --- | | 上海合合信息科技股份有限公司2024年年度股东大会会议议程 5 | | 议案一：关于公司2024年度董事会工作报告的议案 7 | | 议案二：关于公司2024年度监事会工作报告的议案 8 | | 议案三：关于公司2024年年度报告及其摘要的议案 9 | | 议案四：关于公司2024年度利润分配预案的议案 10 | | 议案五：关于续聘公司2025年度财务审计机构及内控审计机构的议案 11 | | 议案六：关于公司2024年度财务决算及2025年度财务预算报告的议案 12 | | 议案七：关于购买董监高责任险的议案 13 | | 议案八：关于使用闲置自有资金购买理财产品的议案 14 | 2 上海合合信息科技股份有限公司 2024年度股东大会会议资料 上海合合信息科技股份有限公司 2024年年度股东大会会议须知 为了维护全体股东的合法权 ...

上海合合信息科技股份有限公司 第二届监事会第十四次会议决议公告 本公司监事会及全体监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。 证券代码：688615 证券简称：合合信息 公告编号：2025-016 监事会认为：董事会编制和审核公司 2025 年第一季度报告的程序符合法律、 法规、《公司章程》和公司内部管理制度的各项规定，公司 2025 年第一季度报 告的内容和格式符合中国证监会和上海证券交易所的各项规定，报告内容真实、 准确、完整地反映了公司的实际情况，不存在任何虚假记载、误导性陈述或者重 大遗漏。 一、监事会会议召开情况 上海合合信息科技股份有限公司（以下简称"公司"）第二届监事会第十四 次会议通知于 2025 年 4 月 22 日以电子邮件方式发出送达全体监事，会议于 2025 年 4 月 29 日在公司办公楼会议室以现场结合通讯的方式召开。本次会议应出席 监事 3 人，实际出席监事 3 人。公司董事会秘书列席了本次会议。本次会议由监 事会主席罗希平先生主持。 本次会议的召集、召开和表决情况符合《中华人民共和国公司法》等有关法 律、 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 394,996,238.33, representing a year-on-year increase of 20.94% compared to CNY 326,613,772.99 in the same period last year[4] - The net profit attributable to shareholders for the same period was CNY 116,143,713.97, an increase of 18.16% from CNY 98,297,491.14 in the previous year[4] - The net cash flow from operating activities reached CNY 111,806,869.32, reflecting a growth of 20.19% compared to CNY 93,026,332.08 in the prior year[4] - Total operating revenue for Q1 2025 reached ¥394,996,238.33, an increase of 20.9% compared to ¥326,613,772.99 in Q1 2024[24] - Net profit for Q1 2025 was ¥116,143,716.05, compared to ¥98,297,495.48 in Q1 2024, representing a growth of 18.2%[25] - The total comprehensive income for the first quarter of 2025 was ¥116,218,786.94, up from ¥98,006,221.59 in the first quarter of 2024, indicating a growth of about 18.5%[26] Research and Development - Research and development expenses totaled CNY 117,572,049.26, which is 24.05% higher than CNY 94,780,406.29 from the previous year, accounting for 29.77% of operating revenue[5] - R&D investment for the same period was 117.5720 million RMB, up 24.05% year-on-year, emphasizing the company's commitment to technological innovation[12] - Research and development expenses increased to ¥104,887,324.67 in Q1 2025 from ¥83,637,359.40 in Q1 2024, marking a rise of 25.4%[25] - The company maintains a high level of R&D investment to ensure sustainable development in technology[12] Shareholder Information - The total number of common shareholders at the end of the reporting period was 9,344[9] - The largest shareholder, Zhen Lixin, holds 24,187,800 shares, representing 24.19% of the total shares[9] Earnings and Share Performance - The basic and diluted earnings per share were both CNY 1.16, down 11.45% from CNY 1.31 in the previous year[4] - The basic and diluted earnings per share for the first quarter of 2025 were both ¥1.16, a decrease from ¥1.31 in the first quarter of 2024, reflecting a decline of approximately 11.5%[26] Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,591,127,106.18, a 2.94% increase from CNY 3,488,458,463.72 at the end of the previous year[5] - Total liabilities decreased slightly to ¥817,335,054.10 as of March 31, 2025, from ¥830,885,198.58 at the end of 2024[21] - The company’s total equity increased to ¥2,773,792,052.08 as of March 31, 2025, compared to ¥2,657,573,265.14 at the end of 2024, reflecting a growth of 4.4%[21] Cash Flow - Cash inflows from operating activities for the first quarter of 2025 totaled ¥394,066,614.67, compared to ¥354,196,727.03 in the first quarter of 2024, marking an increase of about 11.3%[28] - The net cash flow from operating activities for the first quarter of 2025 was ¥111,806,869.32, up from ¥93,026,332.08 in the same period of 2024, representing a growth of approximately 20.2%[29] - Cash inflows from investment activities in the first quarter of 2025 amounted to ¥1,691,271,368.21, significantly higher than ¥424,253,835.67 in the first quarter of 2024, indicating a substantial increase of about 298.4%[29] - The net cash flow from investment activities for the first quarter of 2025 was -¥305,668,545.30, compared to ¥165,170,590.83 in the first quarter of 2024, showing a decline in cash flow[29] - The net cash flow from financing activities for the first quarter of 2025 was -¥4,049,513.43, slightly improved from -¥4,667,169.84 in the first quarter of 2024[30] - The ending cash and cash equivalents balance for the first quarter of 2025 was ¥1,192,075,975.20, compared to ¥585,200,092.01 at the end of the first quarter of 2024, reflecting an increase of approximately 103.4%[30] Market Performance - The monthly active users for major C-end products reached 177 million, representing an 11.32% increase compared to 159 million in the previous year[16] - Revenue from smart text recognition C-end products was 327.4847 million RMB, a 27.36% increase year-on-year[15] - The revenue from B-end products and services was 19.0791 million RMB, showing a 21.15% increase year-on-year[15] - Revenue from commercial big data C-end products decreased by 12.86% to 14.7418 million RMB, indicating market saturation[15] - Sales expenses for the quarter were 103.0570 million RMB, a year-on-year increase of 19.48%[12] - The company is focusing on standardizing products and reducing the proportion of customized solutions in its business strategy[15]

中国国际金融股份有限公司 关于上海合合信息科技股份有限公司 2024 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 证券交易所上市公司自律监管指引第 11 号——持续督导》等相关规定对上海合合信 息科技股份有限公司（以下简称"合合信息"或"公司"）进行持续督导，并出具本持 续督导跟踪报告。 一、持续督导工作情况 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 1 | | 保荐机构已建立并 | | | 建立健全并有效执行持续督导工作制度，并针对具体的持 | 有效执行了持续督 | | | 续督导工作制定相应的工作计划 | 导制度，并制定了 | | | | 相应的工作计划 | | 2 | 根据中国证监会相关规定，在持续督导工作开始前，与上 | 保荐机构已与合合 信息签订《保荐协 议》，该协议明确了 | | | 市公司或相关当事人签署持续督导协议，明确双方在持续 | 双方在持续督导期 | | | 督导期间的权利义务，并报上海证券交易所备案 | 间的权利和 ...

证券代码：688615 证券简称：合合信息 公告编号：2025-015 上海合合信息科技股份有限公司 关于参加 2024 年度科创板人工智能及软件行业集体 业绩说明会的公告 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、准确性和完整性承担法律责任。 重要内容提示： 投资者可于 2025 年 4 月 22 日（星期二）至 4 月 28 日（星期 一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 ir@intsig.net 进行提问。公司将在说明会上对投资者 普遍关注的问题进行回答。 上海合合信息科技股份有限公司（以下简称"公司"）已于 2025 年 4 月 16 日在上海证券交易所网站（www.sse.com.cn）发布公司 2024 年年度报告，为便于广大投资者更全面深入地了解公司 2024 年度经 营成果、财务状况，公司计划于 2025 年 4 月 29 日（星期二）15:00- 17:00 参加由上海证券交易所主办的 2024 年度科创板人工智能及软 件行业集体业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][20] Core Viewpoints - The company has demonstrated stable growth in both revenue and profit, with projected revenue of 1.438 billion yuan in 2024, representing a 21.21% increase, and a net profit of 401 million yuan, reflecting a 23.93% increase [4][8] - The C-end monthly active users and paid users have shown robust growth, with monthly active users reaching 171 million (up 14%) and total paid users at 7.4392 million (up 22.45%) [2][3] - The B-end business continues to grow rapidly, with significant increases in revenue from commercial big data and smart text recognition, indicating strong market demand and innovation [3][4] Revenue and Profit Growth - The company's revenue for Q4 was 389 million yuan, marking a 21.70% increase, while net profit for the same period surged by 99.32% to 94 million yuan [8] - The overall revenue for 2024 is expected to reach 1.438 billion yuan, with a net profit of 401 million yuan, indicating a consistent upward trend in financial performance [5][8] User Metrics and Product Development - The C-end product "Scan King" has achieved significant user engagement, with revenue of 982 million yuan (up 21.43%) and continuous feature enhancements to improve user experience [2][3] - The company has introduced new functionalities in its products, such as the "Smart High-Definition Filter" and an AI education app, which are expected to enhance user value and retention [2][3] B-end Business Performance - The B-end revenue from smart text recognition reached 75 million yuan (up 11.32%), while commercial big data revenue increased by 30.19% to 150 million yuan, showcasing the company's strong position in the market [3][4] - The domestic revenue was 969 million yuan (up 22.83%), while overseas revenue was 466 million yuan (up 17.35%), indicating a solid domestic focus with potential for international expansion [3][4] Financial Projections - The company forecasts revenue growth to 1.757 billion yuan in 2025, 2.161 billion yuan in 2026, and 2.648 billion yuan in 2027, with corresponding net profits of 486 million yuan, 595 million yuan, and 725 million yuan [5][20] - The projected PE ratios for the upcoming years are 46, 38, and 31, reflecting a favorable valuation outlook [4][20]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][20] Core Views - The company has demonstrated stable growth in both revenue and profit, with projected revenue of 1.438 billion yuan in 2024, representing a 21.21% increase, and a net profit of 401 million yuan, reflecting a 23.93% increase [4][8][20] - The C-end monthly active users and paid users have shown robust growth, with monthly active users reaching 171 million (up 14%) and total paid users at 7.4392 million (up 22.45%) [2][3] - The B-end business continues to perform well, with significant growth in commercial big data revenue, which increased by 30.19% to 150 million yuan, and a recovery in smart text recognition revenue, which grew by 11.32% [3][4] Summary by Sections Financial Performance - In Q4 alone, the company reported revenue of 389 million yuan (up 21.70%) and a net profit of 94 million yuan (up 99.32%) [8] - The overall gross margin for 2024 is projected to be 84.28%, showing a slight improvement year-on-year [11] - The company’s cash flow remains stable, with cash receipts from sales reaching 1.528 billion yuan (up 3.80%) [14] User Growth and Product Development - The main C-end products, including Scanning King and Business Card King, have contributed significantly to revenue, with Scanning King generating 982 million yuan (up 21.43%) [2][3] - The company has been actively enhancing its product features, such as the "Smart High-Definition Filter" and launching new applications like the AI Education App [2] B-end Business Expansion - The company is focusing on expanding its B-end business, with domestic revenue at 969 million yuan (up 22.83%) and overseas revenue at 466 million yuan (up 17.35%) [3] - R&D investment has increased significantly, with a total growth of 36.44% in 2024, indicating a commitment to innovation and product development [3][11] Future Projections - The company maintains its profit forecast, expecting revenues of 1.757 billion yuan, 2.161 billion yuan, and 2.648 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 486 million yuan, 595 million yuan, and 725 million yuan [4][20]