合合信息 20250829.docx 2025 年上半年，合合信息境内收入 5.64 亿元，同比增长 22%；境外 收入 2.79 亿元，同比增长 24%。毛利率维持在 86.3%的高水平，显示 出公司优秀的盈利能力。 公司持续加大研发投入，研发费用达 2.2 亿元，同比增长 27.5%，研发 费用率 25.5%，表明公司重视技术创新，为未来发展奠定基础。 销售费用显著增长，达 2.6 亿元，同比增长 41.9%，其中广告宣传费 1.82 亿元，同比增长 58.3%。大规模品牌投入已在运营数据中有所体 现，如月活跃用户数增长和付费渗透率提升。 归母净利润 2.35 亿元，同比增幅 6.6%，净利润率超过 27%。净利润 增速低于营收增速主要因为品牌投放力度加大，销售费用增加所致。 公司 C 端产品月活跃用户数达 1.81 亿，付费用户数达 853 万，同比增 幅 28%，付费转化率提升至 4.7%，表明用户规模和付费意愿均在增长。 B 端产品深耕制造、银行、保险、零售等行业，通过 Text in 和启信慧 眼等标准化 AI 产品，为企业提供智能解决方案，并不断拓展新的应用场 景。 AceCamp AI 202 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][16][20] Core Views - The company has shown strong growth in C-end paid users, with a revenue increase of 24.10% in C-end income, reaching 7.18 billion yuan [3][4] - The company is enhancing its AI capabilities, particularly in its core product, Scanning King, which continues to upgrade features such as AI document format conversion and AI image text editing [3][4] - The B-end revenue has also seen growth, with a 13.73% increase, driven by the introduction of new AI products and applications [4][16] Financial Performance - In the first half of 2025, the company reported a revenue of 843 million yuan, a year-on-year increase of 22.51%, and a net profit of 235 million yuan, up 6.63% [2][8] - The gross margin for the first half of 2025 was 86.29%, reflecting a 1.4 percentage point increase year-on-year, indicating improved profitability [2][8] - The company’s sales, management, and R&D expenses increased by 41.94%, 15.91%, and 27.54% respectively, with significant growth in advertising expenses to enhance brand influence [2][8] Future Projections - Revenue projections for 2025-2027 are estimated at 17.57 billion yuan, 21.61 billion yuan, and 26.48 billion yuan respectively, with corresponding net profits of 4.86 billion yuan, 5.95 billion yuan, and 7.25 billion yuan [4][16] - The company is expected to maintain a PE ratio of 51, 41, and 34 for the years 2025, 2026, and 2027 respectively, indicating a favorable valuation outlook [4][16]

Group 1 - The company achieved an operating revenue of 843 million yuan in the first half of 2025, representing a year-on-year growth of 22.51% [1] - The net profit attributable to the parent company was 235 million yuan, with a year-on-year increase of 6.63% [1] - Revenue from C-end products in intelligent text recognition and commercial big data grew by 24.10%, while B-end products and services saw a 13.73% increase [1] Group 2 - The company provides AI products and services to global C-end users and diverse B-end clients, with a focus on enhancing efficiency and risk management capabilities [1] - As of June 2025, the global monthly active users of the main C-end products reached 181 million, marking an 11.73% year-on-year growth [1] - Research and development investment in the first half of 2025 amounted to 241 million yuan, up 25.86%, accounting for 28.59% of operating revenue [1] Group 3 - The company reported improvements in AI core functions, data construction capabilities, and storage system architecture in the first half of 2025 [2] - Advances in document processing included overcoming challenges in cross-page tables and handwritten formulas, enhancing document parsing accuracy in complex scenarios [2] - The company aims to continue leveraging technology and scenarios to provide a more efficient, trustworthy, and user-friendly digital experience for global users in the second half of 2025 [2]

Core Insights - The company, Shanghai Hehe Information Technology Co., Ltd., reported a revenue of 843 million yuan for the first half of 2025, representing a year-on-year growth of 22.51% [1] - The net profit attributable to shareholders was 235 million yuan, showing a year-on-year increase of 6.63% [1] - The company achieved a global monthly active user base of 181 million, driven by both C-end and B-end business segments [1] C-end Product Development - The company enhanced the AI capabilities of its core products, such as the "Scan All-in-One" application, focusing on intelligent scanning and document processing [1] - New localized features were added for overseas markets, including handwritten signatures and adaptations for local electronic signatures, catering to user habits [1] B-end Product Development - The enterprise-level AI product line, TextIn, can process one text image per second and convert complex data into structured data understandable by large models [1] - The AI product line, Qixin Huiyan, was upgraded with applications like AI search, AI enterprise profiling, and AI risk scanning, aimed at improving due diligence efficiency and automated risk detection accuracy [1] Technological Advancements - The company has been deepening its core technology and enhancing R&D capabilities, particularly in AI core functions, data construction, and storage system architecture [2] - The AI Super Filter has improved accuracy in complex scenarios, while document parsing has advanced to handle cross-page tables and handwritten formulas [2] - The data construction capabilities have been enhanced through a large model that integrates the entire data lifecycle, improving governance efficiency [2] Future Outlook - The company plans to continue leveraging technology to provide efficient and trustworthy digital experiences for global users [2] - It aims to incorporate social responsibility into its development strategy, participating in initiatives like the "Certificate Protection Plan" to ensure data security [2] - The company is also engaged in public welfare projects to bring ancient paintings and cultural relics to life through technology, promoting a sustainable digital future [2]

2025年8月29日，合合信息(688615.SH)发布2025年中报。 公司营业总收入为8.43亿元。归母净利润为2.35亿元。经营活动现金净流入为1.87亿元。 公司最新资产负债率为22.80%，较上季度资产负债率增加0.04个百分点。 公司最新毛利率为86.29%。最新ROE为8.75%，较去年同期ROE减少9.37个百分点。 公司摊薄每股收益为1.68元，较去年同报告期摊薄每股收益减少0.42元，同比较去年同期下降20.00%。 公司最新总资产周转率为0.24次，较去年同期总资产周转率减少0.12次，同比较去年同期下降33.86%。 最新存货周转率为29.33次，较去年同期存货周转率减少6.48次，同比较去年同期下降18.09%。 ...

Core Insights - The company reported a revenue of 843.10 million yuan for the first half of 2025, representing a year-on-year growth of 22.51%, and a net profit attributable to shareholders of 235.39 million yuan, with a growth of 6.63% [1] Group 1: Product Innovation - The company has continuously innovated its core AI products, enhancing AI capabilities in both consumer (C-end) and business (B-end) services [2] - The C-end product, "Scan All-in-One," has improved its AI capabilities in smart scanning and document processing, with new localized features for overseas markets [2] - The B-end service, "TextIn," can process one text image per second and convert complex data into structured data for large models, enhancing decision-making efficiency for enterprises [2] Group 2: Technology Development - The company has strengthened its core technology research and development, improving capabilities in AI functions, data construction, and storage system architecture [3] - The AI Super Filter has enhanced accuracy in complex scenarios, while document parsing has improved with a perception-cognition fusion model [3] - The company aims to continue leveraging technology to provide efficient and trustworthy digital experiences while integrating social responsibility into its development strategy [3]

Core Insights - The company reported a revenue of 843.10 million yuan for the first half of 2025, representing a year-on-year growth of 22.51% [1] - The net profit attributable to shareholders reached 235.39 million yuan, with a year-on-year increase of 6.63% [1] - The company achieved a global monthly active user base of 181 million, driven by both C-end and B-end business models [1] Product Innovation - The company has continuously innovated its core AI products, enhancing AI capabilities in its offerings [1] - For C-end products, the "Scan All-in-One" has improved its intelligent scanning and document processing capabilities, adding localized features for overseas markets [1] - The B-end service, TextIn, can process one text image per second and convert complex data into structured data for large models [1] Technology Development - The company has strengthened its core technology research and development, improving capabilities in AI core functions, data construction, and storage system architecture [2] - The AI Super Filter has enhanced accuracy in complex scenarios, while document parsing has improved with a perception-cognition fusion model [2] - The company aims to provide a more efficient and trustworthy digital experience for global users while integrating social responsibility into its development strategy [2]

Core Insights - The company, Hehe Information, reported a net profit of approximately 235 million yuan for the first half of 2025, reflecting a year-on-year growth of 6.63% [1] - The company's revenue for the same period reached approximately 843 million yuan, marking a year-on-year increase of 22.51% [1] - Hehe Information is recognized as a leading artificial intelligence product company, providing AI products and services to both C-end users globally and diverse B-end clients [1]

[Definitions](index=4&type=section&id=Section%201%20Definitions) This section defines key AI concepts, professional terms, and company-specific jargon to aid report comprehension - The report defines professional terms such as AI, deep learning, OCR, NLP, and large language models, along with common terms like company abbreviations and employee incentive platforms[12](index=12&type=chunk)[13](index=13&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section outlines the company's profile, contact details, stock overview, and H1 2025 key financial data and non-recurring items [Company Basic Information](index=6&type=section&id=I.%20Company%20Basic%20Information) This section provides Shanghai IntSig's basic information, including registration, legal representative, addresses, and contact details - Company Chinese Name: Shanghai IntSig Information Technology Co., Ltd., Abbreviation: IntSig; Legal Representative: Zhen Lixin[15](index=15&type=chunk) - Company registered and office address: Room 1105-1123, No. 1256, 1258 Wanrong Road, Jing'an District, Shanghai[15](index=15&type=chunk) [Contact Person and Information](index=6&type=section&id=II.%20Contact%20Person%20and%20Information) This section provides contact details for the company's Board Secretary and Securities Affairs Representative - Board Secretary: Liu Chen; Securities Affairs Representative: Wang Molan[16](index=16&type=chunk) - Contact Phone: 021-63061283; Email: ir@intsig.net[16](index=16&type=chunk) [Information Disclosure and Document Custody Location Changes](index=6&type=section&id=III.%20Information%20Disclosure%20and%20Document%20Custody%20Location%20Changes) This section lists the company's information disclosure channels and semi-annual report custody location - The company's designated newspapers for information disclosure include Shanghai Securities News, China Securities Journal, Securities Times, Securities Daily, and Economic Information Daily[17](index=17&type=chunk) - The website address for semi-annual reports is the Shanghai Stock Exchange (www.sse.com.cn)[17](index=17&type=chunk) - The company's semi-annual report is available at the Company's Board Office & Securities Department[17](index=17&type=chunk) [Company Stock/Depositary Receipts Overview](index=6&type=section&id=IV.%20Company%20Stock%2FDepositary%20Receipts%20Overview) This section briefly introduces the company's A-share listing details and confirms no depositary receipts - The company's stock type is A-shares, listed on the STAR Market of the Shanghai Stock Exchange[18](index=18&type=chunk) - Stock Abbreviation: IntSig, Stock Code: 688615[18](index=18&type=chunk) - The company has no depositary receipts[19](index=19&type=chunk) [Company Key Accounting Data and Financial Indicators](index=7&type=section&id=VI.%20Company%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section discloses H1 2025 key accounting data and financial indicators, noting revenue and net profit growth, but decreased EPS and ROE Key Accounting Data (January-June 2025 vs. Prior Year Period) | Indicator | Current Period (Jan-Jun) | Prior Year Period | Period-over-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 843,097,361.75 yuan | 688,182,152.22 yuan | 22.51 | | Total Profit | 250,846,176.53 yuan | 236,038,427.13 yuan | 6.27 | | Net Profit Attributable to Shareholders of Listed Company | 235,387,416.24 yuan | 220,746,803.70 yuan | 6.63 | | Net Cash Flow from Operating Activities | 187,121,880.08 yuan | 159,106,797.58 yuan | 17.61 | Key Financial Indicators (January-June 2025 vs. Prior Year Period) | Indicator | Current Period (Jan-Jun) | Prior Year Period | Period-over-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 1.68 | 2.10 | -20.00 | | Diluted Earnings Per Share (yuan/share) | 1.68 | 2.10 | -20.00 | | Basic EPS After Non-Recurring Gains and Losses (yuan/share) | 1.51 | 1.96 | -22.96 | | Weighted Average Return on Net Assets (%) | 8.59 | 19.92 | Decrease of 11.33 percentage points | | Weighted Average ROE After Non-Recurring Gains and Losses (%) | 7.72 | 18.55 | Decrease of 10.83 percentage points | | R&D Investment as % of Operating Revenue (%) | 28.59 | 27.83 | Increase of 0.76 percentage points | - Basic and diluted earnings per share decreased year-on-year, primarily due to an increase in share capital from a capital reserve conversion of **40,000,000 shares** in May 2025[20](index=20&type=chunk) - Weighted average return on net assets decreased year-on-year, mainly due to a significant increase in net assets from the company's IPO fundraising[21](index=21&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=VIII.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section lists H1 2025 non-recurring gains and losses and explains the classification of software VAT refunds Non-Recurring Gains and Losses Items and Amounts (January-June 2025) | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | 3,281,088.89 | | Government Grants Recognized in Current Profit and Loss | 4,847,267.65 | | Gains and Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities | 18,332,329.48 | | Other Non-Operating Income and Expenses Apart from the Above | 789,164.85 | | Less: Income Tax Impact | 3,394,690.91 | | **Total** | **23,855,159.96** | - The company classifies VAT refunds for self-developed software products, where the actual tax burden exceeds 3% (amounting to **CNY 11,514,115.45**), as recurring gains and losses, as they are directly related to normal operating activities and are not special or incidental[24](index=24&type=chunk)[220](index=220&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) This section discusses AI industry trends, product innovation, business model, operations, core competitiveness, R&D, and risk factors [Industry and Main Business Overview During the Reporting Period](index=10&type=section&id=I.%20Industry%20and%20Main%20Business%20Overview%20During%20the%20Reporting%20Period) This section details AI industry trends, policy support, innovation drivers, and introduces the company's main products and business models [Industry Development Overview](index=10&type=section&id=(I)%20Industry%20Development%20Overview) This section describes H1 2025 AI industry growth, highlighting large models, AI Agents, and national 'AI+' strategy support - The company's industry sectors are 'New Generation Information Technology Industry' and 'Software and Information Technology Services Industry'[27](index=27&type=chunk) - The AI industry is developing rapidly, with multimodal large models becoming mainstream and AI Agent products entering their first year of commercialization[28](index=28&type=chunk)[29](index=29&type=chunk) - At the national strategic level, the 'AI+' initiative was prominently proposed in H1 2025, promoting AI technology empowerment across various industries[30](index=30&type=chunk) - C-end efficiency-oriented AI products are driven by technological advancements, increasing demand for efficiency, and mobile device penetration[32](index=32&type=chunk)[33](index=33&type=chunk) - B-end AI products are driven by technological innovation, enterprises' demand for refined operations, and increasing market acceptance[34](index=34&type=chunk)[35](index=35&type=chunk) [Main Business, Products, or Services](index=12&type=section&id=(II)%20Main%20Business%2C%20Products%2C%20or%20Services) This section introduces the company's AI products and services for global C-end and B-end customers, highlighting applications in document management, social, and data intelligence - The company is a leading artificial intelligence product company, primarily providing AI products and services to global C-end users and diverse industry B-end clients[36](index=36&type=chunk) - Key C-end products include CamScanner (image and text processing), CamCard (business social networking), and Qixinbao (business data intelligence)[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk) - Key B-end products include TextIn (enterprise-grade AI product line for intelligent text processing) and Qixin Huiyan (enterprise-grade AI product line for business data-driven intelligent decision-making)[41](index=41&type=chunk)[42](index=42&type=chunk) [Main Business Model](index=14&type=section&id=(III)%

上海合合信息科技股份有限公司 二、以创新为驱动，发展新质生产力 公司积极响应国家政策的号召，发展新质生产力，持续加大 AI 研发投入， 助力多行业客户数字化转型升级。 公司在人工智能领域持续加大研发投入，不断增强研发实力，重点提升 AI 核心功能在更广泛场景中的技术适配能力，以技术创新驱动产品迭代升级。公司 数据建设能力显著增强，通过强化数据准确性及运用大模型技术，实现了数据全 生命周期的有效管理。此外，研发团队还对存储系统架构进行升级。2025 年上 半年，公司研发费用为 21,510.92 万，同比增长 27.54%。公司持续关注核心技术 攻关与研发人才的汇聚，截至 2025 年 6 月 30 日，公司研发人员数量增至 661 人，占公司总人数比例为 60.98%，公司及其控股子公司已取得发明专利授权合 计 130 项，其中中国境内发明专利授权 90 项，境外发明专利 40 项。 关于公司 2025 年度"提质增效重回报"行动方案的 半年度评估报告 上海合合信息科技股份有限公司（以下简称"公司"）为践行"以投资者为 本"的上市公司发展理念，推动公司优化经营，规范治理，提升公司质量，积极 回报投资者，公司于 ...