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]

Summary of the Conference Call for 合合信息 Company Overview - **Company**: 合合信息 - **Industry**: Artificial Intelligence and Big Data Key Financial Performance - Total revenue for 2024 reached 1.141 billion yuan, a year-on-year increase of 23% [2] - Domestic revenue was 969 million yuan, also up 23% year-on-year, while overseas revenue was 466 million yuan, growing 17% [2][3] - Net profit attributable to shareholders reached 400 million yuan, a 23% increase, with a net profit margin exceeding 27% [3] Business Model and Strategy - The company operates a dual-driven model focusing on both C-end (consumer) and B-end (business) markets, with C-end core product monthly active users reaching 171 million, a 14% increase [2][5] - The company emphasizes R&D, with R&D expenses reaching 390 million yuan, a 20% increase, and R&D personnel accounting for 59% of total staff [2][6] - The company plans to expand its overseas market presence by adopting differentiated operational strategies based on local cultures and internet development levels [2][10] Product Development and Innovation - AI technology is being applied in the education sector, with a focus on intelligent text recognition, enhancing product effectiveness and user experience [4][13] - The company is in the early stages of applying AI in smart document processing, concentrating on product refinement and user feedback [4][16] - The scanning product line, particularly 扫描全能王, continues to grow steadily, with a balanced revenue structure from annual, semi-annual, and monthly fees [4][17] Market Conditions and Challenges - The company has not experienced significant pressure from the current macroeconomic environment, maintaining a stable pricing structure [18] - Global trade tensions have minimal impact on the company, as tariffs primarily affect physical imports and exports rather than software or services [11][14] Future Outlook and Strategic Goals - The company aims to continue focusing on technological innovation to enhance efficiency and expand into new fields and scenarios [7][22] - Plans for 2025 include increasing both monthly active users and paid conversion rates, with a balanced approach to growth [21][30] - The company is committed to maintaining a robust cash flow and expects future growth to align with revenue and profit [28] Additional Insights - The company has a strong competitive edge in the intelligent text recognition field, with plans to leverage large model technologies to enhance OCR capabilities [19][24] - The company is actively participating in the construction of high-quality data sets, aligning with national policies [20] - The company is open to potential mergers and acquisitions, focusing on AI and big data sectors while ensuring a stable operational strategy [27] This summary encapsulates the key points discussed during the conference call, highlighting the company's financial performance, strategic direction, product innovation, and market conditions.

2025 年 04 月 16 日 公司研究 评级：买入(维持) | 研究所： | | | | --- | --- | --- | | 证券分析师： | | 杨仁文 S0350521120001 | | | | yangrw@ghzq.com.cn | | 证券分析师： | | 谭瑞峤 S0350521120004 | | | | tanrq@ghzq.com.cn | | 联系人 | ： | 程泽惠 S0350124070002 | | | | chengzh@ghzq.com.cn | [Table_Title] 业绩维持高增，关注用户增长和 AI 赋能 ——合合信息（688615）2024 年报点评 股价走势 | 相对沪深 300 | 表现 | | 2025/04/15 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 合合信息 | -11.7% | 12.2% | - | | 沪深 300 | -6.1% | -0.9% | - | | 市场数据 | | | 2025/04/15 | | 当前价格（元） | | | 224.50 | | 52 周价 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company reported strong operational performance in 2024, achieving total revenue of 1.438 billion yuan (YoY +21.21%) and a net profit attributable to shareholders of 401 million yuan (YoY +23.93%) [1][2] - The user ecosystem continues to grow, with monthly active users reaching 171 million (YoY +14.00%) and a total of 7.4392 million paying users (YoY +22.45%) by the end of 2024 [2] - The company is leveraging AI algorithms and big data technologies to enhance its C-end product capabilities and expand its B-end business, indicating potential for sustained high-quality growth [1][4] Financial Performance Summary - In 2024, the company's C-end products generated revenue of 1.141 billion yuan (YoY +22.78%) with a gross margin of 87.76% [3] - The B-end products and services achieved revenue of 74.8587 million yuan (YoY +11.32%) with a gross margin of 62.32% [3] - The commercial big data business saw significant gross margin improvement, with C-end products generating revenue of 64.1126 million yuan (YoY -9.32%) and a gross margin of 91.52% (YoY +6.06%) [3] - The B-end commercial big data products and services generated revenue of 150 million yuan (YoY +30.19%) with a gross margin of 65.93% (YoY +8.82%) [3] Future Earnings Forecast - The company is expected to achieve revenues of 1.766 billion yuan, 2.184 billion yuan, and 2.623 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 22.83%, 23.66%, and 20.06% [5] - The net profit attributable to shareholders is projected to reach 484 million yuan, 582 million yuan, and 708 million yuan for the same years, with growth rates of 20.73%, 24.22%, and 21.63% [5] - Corresponding EPS for these years is expected to be 4.84 yuan, 5.82 yuan, and 7.08 yuan [5]

Investment Rating - The report maintains a "Buy" rating for the company, with expected revenue growth of 21.09% for 2025 and corresponding net profit growth of 15.95% [5]. Core Insights - The company reported a revenue of 1.438 billion RMB for 2024, representing a year-on-year growth of 21.2%, and a net profit of 400 million RMB, up 23.9% year-on-year. In Q4 alone, revenue reached 389 million RMB, with a remarkable net profit increase of 99.3% year-on-year [2]. - The C-end AI functionalities have been continuously refined, leading to a significant increase in the number of paying users. The monthly active users for C-end products reached 171 million, a 14% increase year-on-year, with a total of 7.4392 million paying users, up 22.45% year-on-year [3]. - The B-end customer base is expanding, with substantial revenue growth in commercial big data services. The B-end revenue from intelligent text recognition reached 75 million RMB, an 11.3% increase, while commercial big data services generated 150 million RMB, growing by 30.2% [4]. - The company’s gross margin for 2024 was 84.28%, slightly up from the previous year, with R&D expenses accounting for 30.68% of revenue, an increase of 3.43 percentage points [4]. Summary by Sections Performance Review - In 2024, the company achieved a revenue of 1.438 billion RMB, a 21.2% increase from the previous year, and a net profit of 400 million RMB, reflecting a 23.9% growth [2]. Operational Analysis - The C-end AI features have been enhanced, significantly boosting the number of paying users. The intelligent text recognition C-end product generated 1.141 billion RMB in revenue, up 22.8%, while the commercial big data C-end product saw a revenue decline of 9.3% to 64 million RMB [3]. B-end Business Expansion - The company has successfully expanded its B-end customer base, covering nearly 30 industries, including major banks and financial institutions. The B-end revenue from intelligent text recognition and commercial big data services showed significant growth [4]. Profit Forecast - The company is projected to achieve revenues of 1.741 billion RMB in 2025, with a growth rate of 21.09%, and a net profit of 464 million RMB, reflecting a 15.95% increase [5].

公募基金方面本期较上一季度持股减少的公募基金共计25个，主要包括富国新兴产业股票A/B、沪深 300ETF工银、华安上证180ETF、锂电池ETF、汇添富中证光伏产业指数增强发起式A等，持股减少占 比达0.31%。本期较上一季度新披露的公募基金共计1567个，主要包括泰信中小盘精选混合、汇添富科 创板2年定开混合、汇添富数字未来混合A、汇添富科技创新混合A、汇添富民营活力混合等。本期较上 一季未再披露的公募基金共计22个，主要包括富国中小盘精选混合A/B、宏利复兴混合A、建信信息产 业股票A、建信优势动力混合(LOF)、申万菱信乐道三年持有期混合等。 对于社保基金，本期新披露持有合合信息的社保基金共计3个，包括汇添富基金管理股份有限公司-社保 基金17022组合、汇添富基金管理股份有限公司-社保基金四二三组合、全国社保基金一一七组合。。本 期较上一季未再披露的社保基金共计1个，即全国社保基金一一四组合。 2025年4月16日，合合信息(688615.SH)发布2024年年度报告。截至2025年4月15日，共有1785个机构投 资者披露持有合合信息A股股份，合计持股量达2971.13万股，占合合信息总股本的29 ...

证券代码：688615 证券简称：合合信息 公告编号：2025-011 一、 召开会议的基本情况 （一） 股东大会类型和届次 2024 年年度股东大会 召开日期时间：2025 年 5 月 9 日 14 点 00 分 召开地点：静安区江场三路 258 号市北商务中心 3 楼 （五） 网络投票的系统、起止日期和投票时间。 上海合合信息科技股份有限公司 关于召开 2024 年年度股东大会的通知 本公司董事会及全体董事保证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： 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 5 月 9 日 至 2025 年 5 月 9 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互联 股东大会召开日期：2025年5月9日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会 ...

证券代码：688615 证券简称：合合信息 公告编号：2025-014 上海合合信息科技股份有限公司 第二届监事会第十三次会议决议公告 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。 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"）第二届监事会第十三 次会议通知于 2025 年 4 月 3 日以电子邮件方式发出送达全体监事，会议于 2025 年 4 月 15 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》（以下简 称"《公司法》"）等有关法律、法规、规章以及《上海合合信息科技股份有限 公司章程》（以下简称"《公司章程》"）、《上海合合信息科技股份有限公司 监事会议事规则》（以下简称"《监事会议事规则》"）、的相关规定。 二、监事会会议审议情况 经与会监事审议，以投票表决方式通过了以下决议： 1、审议通过《关于公司 2024 年 ...