上海合合信息科技股份有限公司 董事会薪酬与考核委员会 关于公司《2025 年限制性股票激励计划（草案）》的核查意见 上海合合信息科技股份有限公司（以下简称"公司"）董事会薪酬与考核委 员会依据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和 国证券法》（以下简称"《证券法》"）、《上市公司股权激励管理办法》（以下简称 "《管理办法》"）、《上海证券交易所科创板股票上市规则》（以下简称"《上市规 则》"）、《科创板上市公司自律监管指南第 4 号——股权激励信息披露》等相关 法律、法规及规范性文件和《上海合合信息科技股份有限公司章程》（以下简称 "《公司章程》"）的有关规定，对公司《2025 年限制性股票激励计划（草案）》 （以下简称"《激励计划（草案）》"或"本次激励计划"）进行了核查，发表核 查意见如下： （1）最近一个会计年度财务会计报告被注册会计师出具否定意见或者无法 表示意见的审计报告； （2）最近一个会计年度财务报告内部控制被注册会计师出具否定意见或无 法表示意见的审计报告； （3）上市后最近 36 个月内出现过未按法律法规、《公司章程》、公开承诺 进行利润分配的情形； （4）法律法 ...

来源：陕西法制网 （合合信息智能解决方案事业部总经理 李明） 目前，TextIn DocFlow文档自动化处理平台已广泛应用于金融、保险、物流等多个场景，支持海内外不 同版式文档的智能处理，为企业提供"开箱即用，一键集成"的便捷模式，有效提高复杂场景下的文档处 理效率。 值得一提的是，合合信息已正式向香港联合交易所提交主板上市申请。招股书显示，赴港上市后，合合 信息将持续深化AI技术研发，聚焦多模态大模型前沿探索与关键技术研发等；迭代和扩展全球C端产品 矩阵，加速新功能、新地域、新产品的拓展；以B端标准化产品扩大全球企业客户覆盖，深化多场景应 用落地；积极把握战略合作、投资并购机遇，构建全球化人才体系。 编辑：侯宜均 近日，"富士胶片商业创新（中国）有限公司成立三十周年庆祝仪式"在上海盛大举行。上海市人工智能 协会副秘书长徐琦、ISC²上海峰会主席/上海交通大学网络空间安全学院施勇博士、上海合合信息科技 股份有限公司智能解决方案事业部总经理李明受邀出席，共同探讨AI新浪潮下的业务转型之道。 富士胶片商业创新自1987年进入中国市场，在推动复印机国产化及企业文印、印刷行业转型发展方面成 绩斐然。然而，在转型过程 ...

Core Viewpoint - The latest holdings of the social security fund have been revealed, showing significant changes in stock positions as of June 30, 2025, following the completion of the semi-annual reports of listed companies [2]. Group 1: Top Holdings - The top ten stocks held by the social security fund, along with their holding ratios and changes, include: - Andar Intelligent: 11.90% (-1.53%) in specialized equipment manufacturing [3] - Changshu Bank: 8.38% (-0.05%) in monetary financial services [3] - Biyinlefen: 7.37% (-0.98%) in textile, clothing, and accessories [3] - Bai'ao Intelligent: 7.23% (new entry) in specialized equipment manufacturing [4] - Weixing Co.: 7.08% (+0.45%) in textile, clothing, and accessories [4] - Hehe Information: 7.00% (-0.27%) in software and information technology services [4] - Shantui Co.: 6.87% (+0.90%) in specialized equipment manufacturing [4] - Yongxing Co.: 6.53% (+4.30%) in ecological protection and environmental governance [4] - Xice Testing: 6.36% (-1.53%) in professional technical services [4] - Keri International: 6.30% (+0.60%) in business services [4] Group 2: New Holdings - New stock positions taken by the social security fund include: - Bai'ao Intelligent: 456.86 million shares (7.23%) in specialized equipment manufacturing [5] - Nossger: 217.08 million shares (3.80%) in research and experimental development [5] - Zhongchumei: 320.00 million shares (3.45%) in chemical raw materials and chemical products manufacturing [5] - Beiding Co.: 1,000.00 million shares (3.16%) in electrical machinery and equipment manufacturing [5] - Ugreen Technology: 100.00 million shares (3.01%) in computer, communication, and other electronic equipment manufacturing [5] - Sutest: 1,486.20 million shares (2.94%) in professional technical services [5] Group 3: Increased Holdings - The stocks with increased holdings by the social security fund include: - Yongxing Co.: 6.53% (+4.30%) in ecological protection and environmental governance [8] - Jiangshan Co.: 5.53% (+3.44%) in chemical raw materials and chemical products manufacturing [8] - Three squirrels: 3.78% (+2.79%) in retail [8] - Juhe Materials: 5.87% (+2.42%) in computer, communication, and other electronic equipment manufacturing [8] - Sanwei Chemical: 4.77% (+2.38%) in chemical raw materials and chemical products manufacturing [8] - Rujing Technology: 5.27% (+2.32%) in electrical machinery and equipment manufacturing [8] - Ziyou Intelligent-U: 4.12% (+2.12%) in pharmaceutical manufacturing [8] - Guoyao Co.: 4.03% (+1.95%) in wholesale [10] - Jinchengxin: 5.06% (+1.54%) in mining auxiliary activities [10] - Dingdian Software: 2.54% (+1.54%) in software and information technology services [10]

Group 1 - The report highlights the growth trend in the treatment of hemorrhoids products and the potential for expanding into wet wipes business, with a focus on the company's strong performance in the first half of 2025 [5][6][7] - The company achieved a revenue of 1.949 billion yuan in H1 2025, a year-on-year increase of 1.11%, and a net profit of 343 million yuan, up 10.04% year-on-year [6][7] - The company is extending its product line into the field of anal health, with rapid growth in wet wipes, leveraging its established brand recognition and user base [7] Group 2 - The report discusses the strategic focus on financial technology and the acceleration of AI model applications by the company, which reported a revenue of 1.208 billion yuan in H1 2025, a decrease of 48.55% year-on-year [8][9] - The company is narrowing its business focus to financial technology, reducing non-financial IT business, while maintaining investment in core technology and product areas [9][10] - The new generation of core products is being developed to enhance self-operated technology services, with significant investments in AI [11][12] Group 3 - The report indicates that the secondary market is under pressure, with new infrastructure turnover rates leading the market, as evidenced by the issuance of 14 public REITs in 2025, a decrease from the previous year [13][14] - The REITs index has faced declines, with the market's total value dropping to 215.894 billion yuan, while the trading activity has increased slightly [14][15] - New infrastructure sectors are showing higher turnover rates, particularly in park infrastructure, which is leading in transaction volume [15] Group 4 - The report notes that competition in the food delivery sector is intensifying, leading to significant pressure on profits, with the company reporting a revenue of 91.8 billion yuan in Q2 2025, a year-on-year increase of 12% [18][19] - The core local business revenue grew by 8% to 65.3 billion yuan, but operating profits fell sharply due to increased delivery subsidies and marketing expenses [19][20] - The company is optimistic about its long-term growth potential in instant delivery and overseas expansion despite short-term profit pressures [21][22] Group 5 - The report highlights the company's investments in digital and cultural sectors, with a stable revenue of 1.179 billion yuan in H1 2025, and a focus on expanding its digital technology and cultural offerings [23][24] - The online gaming segment showed a revenue increase of 9% to 706 million yuan, while the digital marketing services revenue grew by 14% [24][25] - The company is actively investing in various innovative business areas, including digital sports and arts, to enhance its market presence [25][26] Group 6 - The report indicates that the company achieved a revenue of 13.38 billion yuan in H1 2025, a year-on-year increase of 27.9%, with a significant rise in overseas sales [31][32] - The company is focusing on expanding its IP matrix and targeting a broader age demographic, with a notable increase in sales from online channels [33][34] - The company is adjusting its revenue forecasts for 2025-2027, expecting revenues of 34.18 billion yuan, 47.16 billion yuan, and 57.25 billion yuan respectively [36]

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]

研发方面，2025年上半年，合合信息研发投入为2.41亿元，同比增长25.86%，研发投入总额占营业收入 比例为28.59%。 合合信息表示，2025年上半年公司在AI核心功能、数据建设能力、存储系统架构等能力均有提升。例 如在文本处理侧，文档解析用感知-认知融合模型攻克跨页表格、手写公式等难题，加强了复杂场景下 文档解析准确性。展望下半年，公司将继续以技术为桨、场景为帆，为全球用户带来更高效、更可信、 更有温度的数智体验。 据悉，合合信息主要为全球C端用户及多元行业B端客户提供AI产品与服务。C端业务方面，公司自主 研发并推出了包括扫描全能王、名片全能王、启信宝在内的一系列产品；B端业务方面，公司将多年积 累技术专业知识转化为可跨行业复用的B端标准化AI产品，帮助客户提升效率和风险管理能力，助力客 户实现数字化与智能化的转型升级。截至2025年6月末，合合信息主要C端产品全球月活用户达1.81亿， 同比增长11.73%。 中证报中证网讯(记者黄一灵)8月28日晚，合合信息发布2025年半年度报告。数据显示，2025年上半 年，公司实现营业收入8.43亿元，同比增长22.51%；归母净利润2.35亿元，同比增 ...

展望下半年，合合信息将继续以技术为桨、场景为帆，为全球用户带来更高效、更可信、更有温度的数 智体验。与此同时，合合信息也将把社会责任写进发展基因：作为"护证计划"首批技术支撑单位，持续 用AI守护可信证照与数据安全；积极开展公益项目，让古画与文物在手机里"活"起来，用科技之力共筑 可持续的数字未来。 （编辑 张昕） 本报讯 （记者金婉霞）8月28日，上海合合信息科技股份有限公司（以下简称"合合信息"）发布2025年 半年度报告。报告期内，公司营业收入8.43亿元，同比增长22.51%；归属于上市公司股东的净利润2.35 亿元，同比增长6.63%。凭借公司C端与B端业务双轮驱动，全球月活用户达1.81亿。 2025年上半年，合合信息通过底层核心技术创新，不断升级核心产品的AI能力。C端产品方面，以扫描 全能王为例，持续加强智能扫描、文档处理的AI能力，为用户提供更加专业、高效的服务。针对海外 市场，扫描全能王新增更多本地化功能，如新增手写签名，适配本地化的电子签名及日期，更符合海外 用户习惯。B端服务方面，智能文本处理企业级AI产品线TextIn，平均每秒可处理一张文本图像，可还 原十余种专业图表数据，将其转化 ...

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%。 ...

B端服务方面，智能文本处理企业级AI产品线TextIn，平均每秒可处理一张文本图像，可还原十余种专 业图表数据，将其转化为大模型可理解的结构化数据。商业数据驱动智能决策的企业级AI产品线启信 慧眼，结合大模型应用对产品线迭代升级，上线AI搜索，AI企业画像，AI风险扫描等应用，帮助企业 提升尽职调查效率、自动化风险检测准确率以及智能化运营与决策效率。 持续加强核心技术研发 2025年8月28日晚，上海合合信息科技股份有限公司发布2025年半年度报告。报告期内，公司营业收入 84,309.74万元，同比增长22.51%；归属于上市公司股东的净利润23,538.74万元，同比增长6.63%。凭 借"真有用、真好用"的产品理念，公司C端与B端业务双轮驱动，全球月活用户达1.81亿。 报告期内，合合信息持续深耕核心技术，提升研发实力，持续夯实技术底座。在AI核心功能、数据建 设能力、存储系统架构等能力均有提升。 核心AI产品持续创新 2025年上半年，合合信息通过底层核心技术创新，不断升级核心产品的AI能力。C端产品方面，以扫描 全能王为例，持续加强智能扫描、文档处理的AI能力，为用户提供更加专业、高效的服务。针对海 ...