证券代码：688615 证券简称：合合信息 公告编号：2026-002 上海合合信息科技股份有限公司 关于持股 5%以上股东减持时间届满 重要内容提示： 大股东持有的基本情况 本次减持股份计划实施前，上海合合信息科技股份有限公司（以下简称"公 司"或"合合信息"）股东东方富海（芜湖）股权投资基金（有限合伙）（以下简 称"东方富海"）持有公司 7,094,745 股，占公司总股本的 5.07%，东方富海（芜 湖）二号股权投资基金（有限合伙）（以下简称"东方富海二号"）持有公司 3,338,685 股，占公司总股本的 2.38%。东方富海与东方富海二号系由同一执行 事务合伙人东方富海（芜湖）股权投资基金管理企业（有限合伙）管理的私募基 金，合计持有公司 7.45%的股份，股份来源为公司首次公开发行前取得的股份及 资本公积转增股本取得的股份，上述股份已于 2025 年 9 月 26 日起上市流通。 减持计划的实施结果情况 公司于 2025 年 9 月 27 日披露了《上海合合信息科技股份有限公司持股 5% 以上股东减持股份计划公告》（公告编号：2025-045），公司股东东方富海及东方 富海二号出于自身资金需求,计 ...

南财智讯1月28日电，合合信息公告，公司持股5%以上股东东方富海（芜湖）股权投资基金（有限合 伙）及东方富海（芜湖）二号股权投资基金（有限合伙）于2025年11月6日至2026年1月27日期间，通过 集中竞价及大宗交易方式累计减持公司股份3,899,556股，占公司总股本的2.79%。本次减持计划时间区 间届满，未完成减持数量为300,444股。减持后，东方富海与东方富海二号合计持有公司股份6,533,874 股，占公司总股本的4.67%。 ...

Investment Rating - The report rates the computer industry as "Overweight," indicating that the industry is expected to outperform the overall market [9]. Core Insights - Clawdbot signifies a transition in AI product forms from "scene-level assistants" to "system-level Agent platforms," emphasizing comprehensive execution capabilities across tools and systems [3]. - The evolution of Agents is marked by a clear path from Skills to Claude Excel and Clawdbot, shifting market focus from model parameters to the ability to execute complex tasks and integrate external tools [3]. - Clawdbot's revolutionary aspect lies in its ability to understand high-level user intentions and autonomously break them down into ordered steps, enhancing automation in complex workflows [3]. - The deployment of system-level Agents faces challenges such as high complexity in enterprise deployment, data security concerns, and the need for improved stability and traceability across systems [3]. - The acceleration of Agent deployment does not imply the replacement of traditional software but rather positions Agents as intelligent interaction and automation hubs, enhancing overall efficiency [3]. Summary by Sections AI Application Key Companies Valuation - The report includes a valuation table for key AI application companies, detailing their market capitalization and projected net profits for 2024 to 2027, with notable companies such as Kingsoft Office, Yonyou Network, and Zhongkong Technology [4].

Group 1 - The core viewpoint of the news is that Hehe Information's stock experienced a slight increase of 1.97%, closing at 301.88 yuan, with a significant block trade occurring [1] - A total of 100,000 shares were traded in the block transaction, amounting to 29.977 million yuan, with a transaction price of 299.77 yuan per share, reflecting a premium rate of -0.70% [1] - Over the past three months, the stock has recorded nine block trades with a cumulative transaction value of 151 million yuan [1] Group 2 - In the last five trading days, the stock has seen a minor decline of 0.04%, with a total net outflow of 122 million yuan from major funds [1]

Group 1 - The core point of the news is that Hehe Information executed a block trade of 100,000 shares on January 27, with a transaction value of 29.977 million yuan, accounting for 2.55% of the total transaction volume for that day [1] - The transaction price was 299.77 yuan, which represents a discount of 0.7% compared to the market closing price of 301.88 yuan [1] - The buying party for the transaction was an institutional investor, while the selling party was identified as "Lai Guqin Fee Occurred Medical Channel" [2]

Group 1 - The core point of the news is that Hehe Information executed a block trade of 100,000 shares on January 26, with a transaction value of 29.39 million yuan, accounting for 2.23% of the total trading volume for that day [1] - The transaction price was 293.99 yuan, which represents a discount of 0.7% compared to the market closing price of 296.06 yuan [1] - The trade was conducted by an institutional investor, indicating potential interest from larger market players [2]

Core Insights - The artificial intelligence industry is entering a new phase characterized by the deep integration of technology and diverse scenarios, which is becoming the core competitive advantage of the industry [1] - Shanghai Hehe Information Technology Co., Ltd. has launched a series of innovative products based on multimodal large models, covering AI education, AI health management, AI infrastructure, and AI agent applications, providing practical pathways for AI commercialization [1] Group 1: Document Solutions - The company has introduced the "CS-AI One-stop Intelligent Document Solution," which spans the entire document lifecycle from image digitization to intelligent services, addressing core scenarios such as scanning, reading, editing, and learning [2] - This solution can automatically repair image quality issues and optimize document layout, showcasing strong potential in cross-border e-commerce, outbound tourism, and professional document translation [2] Group 2: Education and Health Applications - In the education sector, the company has launched two AI learning management tools, "Bee Exam" and "QuizAI," which can intelligently recognize handwritten test papers and provide grading and interactive learning features [2] - The health sector features the AI dietary health assistant Appediet, which identifies food nutritional components through photos and generates calorie reports, customizing dietary plans based on user health data [2] Group 3: AI Infrastructure and Enterprise Solutions - The company is addressing enterprise market pain points by building an AI infrastructure and intelligent agent product system to reshape data processing workflows [3] - IDC predicts a compound annual growth rate of 24.4% in global data volume from 2023 to 2028, reaching 393.8 ZB by 2028, highlighting the need for effective data management solutions [3] - The TextIn product line has launched the AI infrastructure product xParse, which empowers unstructured data mining for knowledge base construction and compliance risk control [3] - The Agentic AI product INTSIG Docflow acts as a "digital employee" to parse, review, and transfer complex documents, optimizing core business processes [3] - The company’s AI-native applications, such as "AI Intelligent Sourcing," have improved customer acquisition efficiency by over 30%, while "AI Admission Due Diligence" and "AI Relationship Insights" assist in supplier screening and risk management [3]

Core Viewpoint - The company is experiencing stable cash flow and financial growth, primarily driven by its "Scan All-in-One" product, which constitutes over 70% of its C-end revenue. The C-end business is projected to generate revenue of 1.075 billion yuan in 2024, with a compound annual growth rate (CAGR) of 27% from 2020 to 2024. The revenue from "Scan All-in-One" is expected to reach 982 million yuan in 2024, with a CAGR of 31% during the same period. The company maintains stable financial metrics, with gross margins around 80% and net margins around 20% in recent years [1][2]. Group 1 - The C-end revenue from the "Scan All-in-One" product is stable at over 70% of total revenue [1] - The projected revenue for the C-end business in 2024 is 1.075 billion yuan, with a CAGR of 27% from 2020 to 2024 [1] - The revenue from "Scan All-in-One" is expected to be 982 million yuan in 2024, with a CAGR of 31% from 2020 to 2024 [1] Group 2 - The company's vertical AI overseas business is anticipated to become a second growth curve characterized by "high win rates and high odds" [2] - The company has developed a vertical AI matrix, launching a series of innovative products based on multimodal large models across various fields, including AI education, AI health management, AI infrastructure, and AI agent applications [1] - The AGI technology platform and text intelligence technology platform provide a robust technical foundation for rich product functionalities and excellent performance for both C-end and B-end customers [1] Group 3 - The AI programming technology is expected to significantly reduce trial and error costs, enhancing programming efficiency by over 80%, which accelerates product iteration and upgrades [2] - The company is positioned as a leading domestic SaaS provider, rapidly expanding its vertical AI overseas business [2] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 3.19 yuan, 4.48 yuan, and 5.81 yuan, respectively, with corresponding price-to-earnings ratios of 96, 68, and 53 times based on the closing price on January 23, 2026 [2]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2]. Core Insights - The company generates stable cash flow from its flagship product, "Scan All-in-One," which contributes over 70% of its revenue. The revenue from the C-end business is projected to reach 1.075 billion yuan in 2024, with a compound annual growth rate (CAGR) of 27% from 2020 to 2024. The B-end business is also expected to grow steadily, reaching 360 million yuan in 2024, with a CAGR of 24% during the same period [7][27]. - The company is positioned as a leader in the domestic SaaS market and is accelerating its expansion into vertical AI applications, which are anticipated to become a second growth curve characterized by high probability and high returns [7][27]. Summary by Sections 1. Building a Mature C+B Product Matrix with Steady Financial Growth - The company has established a robust product matrix based on its proprietary intelligent text recognition and commercial big data technologies, serving both C-end users and B-end clients [10][12]. - The C-end revenue is primarily driven by the "Scan All-in-One" and "Business Card All-in-One" apps, while the B-end services include intelligent text recognition and commercial big data solutions [10][14]. - The company maintains a high gross margin of around 80% and a net margin of over 20%, with revenue growth outpacing expense growth, leading to sustained profitability since 2020 [18][27]. 2. Vertical AI Expansion: High Probability + High Returns as a Second Growth Curve - The company is developing a vertical AI matrix that includes innovative products across various fields such as AI education, health management, and AI infrastructure [35]. - The AGI technology platform and text intelligence technology platform provide a strong technical foundation for both C-end and B-end products, enhancing product performance and functionality [44]. - AI programming is expected to significantly reduce development costs and improve efficiency, providing a favorable environment for the company's vertical AI development [48]. 3. Profit Forecast and Investment Recommendations - The company is expected to achieve earnings per share (EPS) of 3.19 yuan, 4.48 yuan, and 5.81 yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 96, 68, and 53 [7][52]. - The report suggests that the company's C-end product matrix will continue to grow, with revenue growth rates projected at 25%, 28%, and 30% for 2025, 2026, and 2027, respectively [52].

Investment Rating - The report indicates a positive outlook for the computer industry, suggesting that it has fundamental support for investment and potential for future growth [1][2]. Core Insights - The computer sector is expected to experience a rebound in performance due to the recovery of the macro economy and advancements in AI technology, which are anticipated to enhance profitability [1][10]. - The report highlights a significant increase in demand for CPUs, driven by the rise of AI applications and the need for high-performance computing [16][19]. - The introduction of sandbox environments for AI agents is seen as a critical development, enhancing system security and performance in high-concurrency scenarios [22][29]. Summary by Sections Investment Allocation - In Q4 2025, the public fund allocation for the computer industry was 1.6%, a decrease of 0.8 percentage points from the previous quarter, ranking it 14th among 30 sectors [2][3]. - The top ten holdings in the computer sector included Inspur Information, Kingsoft Office, and Sangfor Technologies, with notable changes in the composition of these holdings [4][5]. Valuation Metrics - As of January 23, 2026, the PE (TTM) for the computer industry was 94.6x, placing it in the 94.80th percentile historically, while the PS (TTM) was 4.0x, in the 71.40th percentile [10][11]. - The report suggests that despite high PE levels, there is still room for growth in PS and PCF valuations as the market sentiment improves [10][11]. CPU Price Expectations - Intel and AMD are expected to raise server CPU prices by 10% to 15% in Q1 2026 due to supply constraints and increased demand from AI applications [16][21]. - The report emphasizes the growing importance of CPUs in AI workloads, particularly in managing complex tasks and ensuring system stability [19][40]. Key Investment Themes - The report identifies several key investment themes, including leadership in the digital economy, AIGC applications, and the importance of data elements and new industrialization [41][42]. - Specific companies recommended for investment include Inspur Information, Kingsoft Office, and various firms involved in AI and data solutions [41][42].