证券代码：688615 证券简称：合合信息 公告编号：2025-003 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： 上海合合信息科技股份有限公司（以下简称"公司"）于 2025 年 3 月 11 日召开公司第二届董事会第十八次会议、第二届监事会第十二次会议，审议 通过了《关于使用募集资金置换预先投入募集资金投资项目及已支付发行费用的 自筹资金的议案》，同意公司使用募集资金 50,188.92 万元置换预先投入募集资 金投资项目（以下简称"募投项目"）的自筹资金、使用募集资金 1,565.99 万元 置换已支付发行费用的自筹资金，合计使用募集资金 51,754.91 万元置换上述预 先投入及支付的自筹资金。前述事项符合募集资金到账后六个月内进行置换的规 定。 一、募集资金基本情况 上海合合信息科技股份有限公司 关于使用募集资金置换预先投入募集资金投资项目 及已支付发行费用的自筹资金的公告 根据中国证券监督管理委员会出具的《关于同意上海合合信息科技股份有限 公司首次公开发行股票注册的批复》（证监许可〔202 ...

上海合合信息科技股份有限公司（以下简称"公司"）第二届监事会第十二 次会议通知于 2025 年 3 月 6 日以电子邮件方式发出送达全体监事，会议于 2025 年 3 月 11 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》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》、《上海合合信息 科技股份有限公司监事会议事规则》的相关规定。 二、监事会会议审议情况 证券代码：688615 证券简称：合合信息 公告编号：2025-002 上海合合信息科技股份有限公司 第二届监事会第十二次会议决议公告 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 （一）审议通过《关于使用募集资金置换预先投入募集资金投资项目及已 支付发行费用的自筹资金的议案》 监事会认为：公司使用人民币 51,754.91 万元的募集资金置换预先投入募集 ...

使用募集资金置换预先投入募投项目及已支付发行费用的自筹资 金的核查意见 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"）作为上海合合信 息科技股份有限公司（以下简称"合合信息"或"公司"）的保荐机构，根据《证券发行上 市保荐业务管理办法》《上市公司监管指引第 2 号——上市公司募集资金管理和使用 的监管要求》《上海证券交易所科创板股票上市规则》《上海证券交易所科创板上市公 司自律监管指引第 1 号——规范运作》等有关法律、行政法规、部门规章及业务规则的 要求，对上海合合信息科技股份有限公司使用募集资金置换预先投入募投项目的自筹资 金的事项进行了认真、审慎核查，具体情况如下： 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 一、募集资金基本情况 经中国证券监督管理委员会 《关于同意上海合合信息科技股份有限公司首次公开 发行股票注册的批复》（证监许可[2023]2259)，并经上海证券交易所同意，公司由主承 销商中金公司采用网下询价配售与网上资金申购定价发行相结合的方式发行人民币普 通股(A 股)股票 2,500 万股，发行价格为每股 55.18 元。 公司募集资金总额为 1,379,5 ...

上海合合信息科技股份有限公司 以自筹资金预先投入募集资金投资项目 及支付发行费用的专项说明 的鉴证报告 专项鉴证报告 众会字（2025）第 01969 号 上海合合信息科技股份有限公司全体股东： 我们审核了后附的上海合合信息科技股份有限公司(以下简称"合合信息公司")截至 2024 年 10 月 11 日止的《上海合合信息科技股份有限公司以自筹资金预先投入募集资金投 资项目及支付发行费用的专项说明》（以下简称"专项说明"）。 一、管理层对专项说明的责任 提供真实、合法、完整的相关资料，按照中国证券监督管理委员会《上市公司监管指引 第 2 号——上市公司募集资金管理和使用的监管要求》及上海证券交易所《上海证券交易所 科创板上市公司自律监管指引第 1 号——规范运作》等规定编制专项说明，并保证其内容真 实、准确、完整，不存在虚假记录、误导性陈述或重大遗漏是合合信息公司管理层的责任。 二、注册会计师的责任 我们的责任是在实施鉴证工作的基础上对专项说明发表鉴证意见。 三、工作概述 中国注册会计师 梁裕佳 中国·上海 2025 年 3 月 11 日 2 我们按照《中国注册会计师其他鉴证业务准则第 3101 号-历史财务 ...

Company and Industry Summary Company Overview - The company specializes in OCR (Optical Character Recognition) and AR (Augmented Reality) technologies, focusing on commercial big data applications, particularly in the office sector. It is identified as a leading SaaS (Software as a Service) provider in the industry [1][2]. Core Business Segments - The company operates primarily in two business segments: 1. **Artificial Intelligence**: Focused on image recognition and OCR technology. 2. **Big Data**: Known for its product "Qixingbao," which converts enterprise data into commercial data products [1][2]. Financial Performance - The company has shown rapid growth, with revenue increasing from approximately 100 million in 2018 to 900 million in 2023, reflecting a compound annual growth rate (CAGR) of 52.08% from 2018 to 2023 [2]. - The global OCR service market is valued at 10 billion USD, with a projected CAGR of 17% until 2027. The domestic market is expected to reach 16.89 billion RMB by 2027, growing at a CAGR of 27.3% [3]. Market Position and Competitive Advantage - The company has established a strong competitive moat, with continuous advancements in OCR technology and a growing market share. The introduction of large models is expected to further enhance its competitive edge [4]. - The company has a solid user base, with a significant increase in monthly active users and paid subscribers, particularly in overseas markets [5][6]. Product Offerings - Key products include: - **Scanning All-in-One App**: A widely used application for document scanning and management. - **Qixingbao**: A B2B service that provides enterprise-level data solutions [7][8]. - The company has a diverse product portfolio catering to both C-end (consumer) and B-end (business) clients, with a strong emphasis on SaaS subscription models [2][5]. Growth Projections - Future revenue growth is projected at 25% annually, with profits expected to reach 628 million by 2026. The company is currently valued at approximately 26 billion, with significant upside potential [6][34]. - The company anticipates continued growth in both its C-end and B-end segments, with the latter expected to grow at a slower pace of 5-10% [34]. User Engagement and Market Penetration - The company has seen a steady increase in user engagement, with monthly active users growing from 8.86 million in 2020 to 12.1 million in 2023. The paid user conversion rate has also improved significantly [20][24]. - The company’s products have received high ratings in app stores, indicating strong market acceptance and user satisfaction [18][22]. Challenges and Risks - The company faces competition in the OCR and big data sectors, with pricing pressures impacting profit margins. However, its established brand and technology leadership provide a buffer against new entrants [27][30]. Conclusion - The company is well-positioned in the OCR and big data markets, with strong growth prospects driven by technological advancements and increasing market demand. Its robust financial performance and competitive advantages suggest a favorable investment opportunity [35].

Financial Performance - The company achieved total operating revenue of RMB 143,961.28 million, a year-on-year increase of 21.33%[5] - The net profit attributable to shareholders of the parent company was RMB 40,131.51 million, reflecting a growth of 24.18% compared to the previous year[5] - The net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses was RMB 36,731.73 million, up 23.50% year-on-year[5] - The basic earnings per share rose to RMB 4.94, an increase of 14.62% from the previous year[3] Asset and Equity Growth - The company's total assets increased by 94.97% year-on-year, reaching RMB 350,392.93 million[7] - The equity attributable to shareholders of the parent company grew by 167.34% to RMB 266,892.31 million[7] - The company's share capital increased by 33.33% to 10,000,000 shares due to the IPO[7] Research and Development - The company focused on research and development in artificial intelligence and big data, enhancing product functionality and user experience[5] Market Activity - The company successfully completed its initial public offering on the Shanghai Stock Exchange on September 26, 2024, boosting brand influence and user scale[5] Return on Equity - The company's weighted average return on equity decreased to 26.47%, down 12.15 percentage points from the previous year[3]

Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Insights - The company has shown stable growth in its core product, "Scan All-in-One," with over 1 billion uses of the scanning feature in 2024 [3] - The company has a strong user base, with 16.8 million monthly active users and a significant number of paid users, laying a solid foundation for long-term growth [5] - The company is focusing on enhancing its C-end products and expanding its B-end commercial big data offerings, with notable revenue contributions from both segments [5] Financial Performance - Total revenue for 2023 is projected at 1,187 million yuan, with a year-on-year growth of 20.0% [5] - Net profit attributable to the parent company is expected to reach 323 million yuan in 2023, reflecting a growth rate of 13.9% [5] - The gross profit margin is forecasted to remain high at 84.3% for 2023 [5] User Engagement and Product Development - The company has three main C-end products: "Scan All-in-One," "Business Card All-in-One," and "Qixinbao," with continuous updates to meet user needs [5] - The introduction of new features such as "Smart HD Filter" and "Book Scanning" has helped maintain the company's leading position in the industry [5] Revenue Breakdown - In Q3, the revenue from C-end intelligent text recognition accounted for 71.59% of total revenue, indicating a strong market presence [5] - The company is also seeing rapid growth in its B-end commercial big data segment, contributing to overall revenue diversification [5] Profitability Forecast - The forecast for net profit attributable to the parent company for 2024-2026 is 387 million yuan, 465 million yuan, and 568 million yuan, respectively [5] - The corresponding price-to-earnings ratios are projected to decrease from 64.8 in 2024 to 44.2 in 2026, indicating potential for value appreciation [5]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 267.77 RMB per share, based on a 16x PS valuation for 2025 [49][50]. Core Insights - The company has a strong position in the intelligent text recognition sector, with its flagship product "Scan All-in-One" contributing significantly to revenue and user growth. The product has a global presence and is expected to continue expanding its user base through enhanced marketing efforts and product features [42][79]. - The company has demonstrated robust financial performance, with a revenue CAGR of 43.3% from 2018 to 2023, and a projected revenue of 14.15 billion RMB in 2024, reflecting a 19.2% year-on-year growth [7][49]. - The business model includes both C-end and B-end services, with a focus on high-margin products and solutions, particularly in the commercial big data sector, which is expected to drive long-term growth [80][121]. Financial Performance - The company achieved a revenue of 11.87 billion RMB in 2023, with a year-on-year growth of 20%, primarily driven by a 27.5% increase in C-end revenue [7][122]. - The gross margin has remained stable at around 84% since 2020, with the C-end business maintaining a gross margin of approximately 88% [7][11]. - The net profit attributable to the parent company has shown consistent growth, with a CAGR of 35.6% from 2020 to 2023, and a net profit margin of 27.2% in 2023 [13][141]. Product and Market Position - "Scan All-in-One" has a significant market share, with a monthly active user base of approximately 170 million across its three main products, contributing nearly 70% of total revenue [79][121]. - The company has successfully penetrated various industries with its B-end services, achieving a revenue of 1.15 billion RMB in commercial big data for 2023, reflecting a 17.9% year-on-year growth [29][80]. - The "Business Card All-in-One" product has also seen a revenue increase of 13.7% CAGR from 2020 to 2023, indicating strong demand in the niche market [2][4]. Future Outlook - The company plans to utilize the 1.38 billion RMB raised from its IPO for product development and technological upgrades, particularly in artificial intelligence and commercial big data [15][113]. - The report forecasts continued revenue growth, projecting revenues of 16.74 billion RMB and 19.63 billion RMB for 2025 and 2026, respectively, with corresponding net profits of 4.55 billion RMB and 5.42 billion RMB [49][80].

公司面向 C 端提供"扫描全能王"、"名片全能王"及"启信宝"， 截至 24Q3，3 款产品月活量合计 1.7 亿。其中"扫描全能王"贡 献近 70%营收，受益于先发优势和技术优势，其在细分赛道具有 显著的标签效应，行业地位稳固。早在 21 年该产品全球月活量就 已超 1 亿人，高于 top2~6 总和；20~23 年营收 CAGR 达 34.4%， 月活量 CAGR 为 9.5%，23 年付费用户数达 677.6 万个，付费用 户数/月活量持续提升。此外，公司将 C 端成熟的技术向 B 端推广， 已服务 30 个场景、覆盖 130+世界 500 强公司。公司于 24 年 9 月 26 日登陆科创板，IPO 募资 13.8 亿元，将主要用于既有产品 服务的研发升级、人工智能及商业大数据核心技术研发、数据中 台建设等领域。 我们预测 2024-2026 年公司营业收入为 14.15/16.74/19.63 亿元， 分 别 同 比 增 长 19.2%/18.3%/17.3% ； 预 测 归 母 净 利 润 为 3.60/4.55/5.42 亿元，分别同比增长 11.44 %/26.23%/19.16%。采 用市销 ...