上海合合信息科技股份有限公司 简式权益变动报告书 上市公司名称：上海合合信息科技股份有限公司 股票上市地点：上海证券交易所 股票简称：合合信息 股票代码：688615 信息披露义务人 1：东方富海（芜湖）股权投资基金（有限合伙） 住所：安徽省芜湖市渡春路 33 号房屋-1 通讯地址：深圳市福田区沙头街道天安社区深南大道深铁置业大厦三十三层 信息披露义务人 2：东方富海（芜湖）二号股权投资基金（有限合伙） 住所：安徽省芜湖市渡春路 33 号房屋-4 通讯地址：深圳市福田区沙头街道天安社区深南大道深铁置业大厦三十三层 股份变动性质：减少股份（减持）导致持股比例低于 5% 简式权益变动报告书签署日期：2026 年 1 月 7 日 信息披露义务人声明 三、依据《证券法》《收购办法》《准则 15 号》的规定，本报告书已全面 披露了信息披露义务人在上海合合信息科技股份有限公司中拥有权益的股份变 动情况。 截至本报告书签署之日，除本报告书披露的信息外，信息披露义务人没有通 过任何其他方式增加或减少其在上海合合信息科技股份有限公司中拥有权益的 股份。 四、本次权益变动是根据本报告所载明的资料进行的。信息披露义务人没有 委托或 ...

证券代码：688615 证券简称：合合信息 公告编号：2026-001 上海合合信息科技股份有限公司 关于持股 5%以上股东减持股份至 5%以下的权益变动提示 性公告 上海合合信息科技股份有限公司（以下简称"公司"）持股 5%以上股东东方富海（芜 湖）股权投资基金管理企业（有限合伙）－东方富海（芜湖）股权投资基金（有限合伙） （以下简称"东方富海"）及其一致行动人东方富海（芜湖）股权投资基金管理企业（有 限合伙）－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"）保证向本公司提供的信息真实、准确、完整，没有虚假记载、误导性陈述或重大 遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 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"）近日收到股东东方富 海及东方富海二号出具的《关于权益变动的告知函》及《简式权益变动报告书》， 现将有关权益变动情况公告如下： 本次权益变动为持股 5%以上非第一大股东东方富海及其一致行动人东方富 海二号履行此前披露的减持股份计划，不触及要约收购。 本次权益变动后，东方富海及其一致行动人东方富海二号持有公司股份数量 由 ...

南财智讯1月7日电，合合信息公告，东方富海（芜湖）股权投资基金（有限合伙）及其一致行动人东方 富海（芜湖）二号股权投资基金（有限合伙）通过集中竞价和大宗交易方式累计减持公司股份3,433,526 股，占公司总股本的2.45%。本次权益变动后，合计持有公司股份6,999,904股，持股比例由7.45%下降 至4.99%，不再为公司持股5%以上股东。上述减持系信息披露义务人出于自身资金需求，所涉股份不存 在质押、查封或冻结等权利限制情形。 ...

合合信息公告称，持股5%以上非第一大股东东方富海及其一致行动人东方富海二号，于2025年11月6日 至2026年1月6日，通过集中竞价、大宗交易合计减持3433526股，减持比例2.4525%。变动后，二者持 股数量由10433430股降至6999904股，占总股本比例由7.4525%降至4.9999%，不再是持股5%以上股东。 本次变动不涉及控股股东、实控人变化，不影响公司经营。 ...

合合信息1月6日大宗交易平台共发生2笔成交，合计成交量12.00万股，成交金额2923.80万元。成交价格 均为243.65元，相对今日收盘价折价1.20%。 进一步统计，近3个月内该股累计发生3笔大宗交易，合计成交金额为4060.44万元。 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折 溢价（%） | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | | | | | 8.16 | 1988.18 | 243.65 | -1.20 | 方正证券股份有 | 中信证券股份有限公司深圳福 | | | | | | 限公司总部 | 田金田路证券营业部 | | 3.84 | 935.62 | 243.65 | -1.20 | 方正证券股份有 | 中信证券股份有限公司深圳福 | | | | | | 限公司总部 | 田金田路证券营业部 | （文章来源：证券时报网） 证券时报·数据宝统计显示，合合信息今日收盘价为246.61元，上涨0.17%，日换手率为3.62%，成交额 为8.52亿元，全天主力资金净流出167 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][6]. Core Insights - The company, Hehe Information, is a leading player in AI and big data technology, focusing on intelligent recognition and commercial big data applications, serving both C-end and B-end customers [1][17]. - The company's flagship product, "Scan All-in-One," boasts a recognition rate of 99% for standard multilingual datasets, significantly outperforming competitors [2][49]. - The SaaS business model provides stable recurring revenue, with a notable increase in paid user numbers and retention rates [2][72]. Summary by Sections Company Overview - Hehe Information is positioned as a leader in the AI and big data sector, with a strong focus on intelligent text recognition and commercial big data services [1][17]. - The company has a stable shareholding structure, with a management team that has a strong technical background in the field [24][27]. Intelligent Text Recognition - The "Scan All-in-One" app is the core product, with a rich product matrix and clear monetization points [2][70]. - The app has achieved a significant user base, with 1.45 billion average monthly active users in 2023, far exceeding competitors [3][56]. - The company has a high user retention rate, with a VIP renewal rate of 51.62% in 2023, reflecting strong user loyalty [2][62]. Financial Performance - The company has shown robust revenue growth, with projected revenues of 1.84 billion, 2.35 billion, and 2.97 billion yuan for 2025, 2026, and 2027, respectively [4][5]. - The net profit attributable to the parent company is expected to reach 490 million, 585 million, and 739 million yuan in the same years, indicating a strong profit trajectory [4][5]. - The gross margin has remained high, around 84%, showcasing the company's strong profitability [37][40]. Market Potential - The intelligent text recognition market in China is expected to grow at a CAGR of 27.3% from 2022 to 2027, indicating significant growth opportunities for the company [42][43]. - The company is expanding its presence in overseas markets, with low penetration rates in countries like Brazil and Indonesia, suggesting room for growth [3][19].

Core Viewpoint - The company, Shanghai Hehe Information Technology Co., Ltd., is restarting its A+H listing plan by updating its Hong Kong IPO prospectus, showcasing its long-term technological expertise and ability to scale AI applications [1] Group 1: Company Overview - Founded in 2006, the company has transitioned from traditional OCR to intelligent recognition technology that integrates deep learning and natural language processing, addressing various complex recognition scenarios [2] - The core C-end product, Scanning All-in-One APP, achieves an average character recognition rate of 99.77% for printed documents and 97.00% for handwritten documents, effectively tackling industry pain points such as multi-language and complex backgrounds [2] - In the B-end sector, the TextIn product line supports recognition of thousands of document types and can handle complex scenarios with capabilities like semantic-level recognition and cross-page table restoration [2] Group 2: Technological Recognition - The company has received international recognition, including the "Top Developer" honor from Google in 2012 and multiple championships in global technical competitions such as ICDAR and ICPR, demonstrating its competitive edge [3] - Since the second half of 2025, the company has accelerated the commercialization of AI technology, launching features like "automatic page capture" and collaborating with Amazon Cloud Technology for intelligent document processing solutions in the healthcare sector [3] Group 3: Market Position and Future Outlook - According to a report by China Galaxy Securities, the company is one of the few AI application firms achieving scalable results in both domestic and international markets, with a large and sticky user base for its core products [4] - The company has established a virtuous cycle of "product - payment - cash flow - R&D," which supports continuous technological iteration [4] - As the Hong Kong IPO process advances, the company is expected to enhance its financing channels, further fueling its R&D efforts and market competitiveness [4]

Core Viewpoint - The company, Hehe Information, has re-submitted its IPO application to the Hong Kong Stock Exchange after a previous attempt expired, aiming to raise funds for R&D, business expansion, strategic investments, and general corporate purposes [1] Group 1: Financial Performance - Hehe Information's revenue for the reporting periods were 988 million, 1.187 billion, 1.438 billion, and 1.303 billion yuan, with profits of 284 million, 323 million, 401 million, and 351 million yuan respectively [5] - The company's sales and marketing expenses reached 415 million yuan in the first three quarters of 2025, representing a significant increase and accounting for 31.8% of total revenue, up from 27.2% in 2022 [5] - The R&D expense ratio has decreased from 28.3% in 2022 to 25.4% in the first nine months of 2025 [5] Group 2: Revenue Sources - The majority of Hehe Information's revenue comes from C-end products, with contributions of 82.2%, 84.3%, 83.8%, and 85.7% during the reporting periods, primarily from the product "Scanner King" [3] - The revenue from "Scanner King" accounted for 72.3%, 76.2%, 77.3%, and 80.6% of total revenue in the respective years [3] - Despite claiming to be a leader in the global text intelligence technology sector, Hehe Information's market share is only 2.5%, significantly lower than the leading competitor's 26.8% [3] Group 3: User Engagement - As of the end of the third quarter of 2025, Hehe Information had 188.9 million monthly active users, but the conversion rate to paying users was only 4.9%, indicating a large proportion of free users [4] - The company has a significant user base across over 200 countries and regions, but the majority of its revenue still comes from mainland China, with contributions of 64.2%, 66.6%, 67.6%, and 65.9% during the reporting periods [3] Group 4: Strategic Initiatives - Hehe Information plans to use the funds raised from the IPO for enhancing R&D capabilities, business expansion, potential strategic investments, and general corporate purposes [1] - The company has a substantial amount of financial assets, totaling 1.879 billion yuan in financial products, indicating a strong liquidity position [6] - The company has paid a cash dividend of 200 million yuan for the fiscal year 2024, which is nearly 50% of its net profit for that year [7]

Group 1 - The core viewpoint of the news is that Hehe Information has seen a stock price increase of 5.02%, reaching 239.00 yuan per share, with a total market capitalization of 33.46 billion yuan as of January 5 [1] - Hehe Information, established on August 8, 2006, specializes in intelligent text recognition and commercial big data technologies, providing digital and intelligent products and services to both C-end users and various B-end clients [1] - The revenue composition of Hehe Information includes: 81.65% from intelligent text recognition C-end products, 9.44% from commercial big data B-end products and services, 4.87% from intelligent text recognition B-end products and services, 3.48% from commercial big data C-end products, and 0.38% from other sources [1] Group 2 - Western Lide Fund has a significant holding in Hehe Information, with its Western Lide Technology Innovation Mixed A Fund (020064) holding 25,500 shares, representing 9.73% of the fund's net value, making it the largest holding [2] - The Western Lide Technology Innovation Mixed A Fund has achieved a year-to-date return of 36.88%, ranking 2324 out of 8155 in its category, and has a total fund size of 6.6 million [2] - The fund manager, Wu Haijian, has been in position for 3 years and 252 days, with the best fund return during his tenure being 64.95% [3]

Investment Rating - The report maintains a "Buy" rating for the companies mentioned, including Weike Technology (301196.SZ), Nengke Technology (603859.SH), and Hehe Information (688615.SH) [9][58]. Core Insights - The AI industry is experiencing significant advancements, particularly with the release of MiniMax M2.1, which has achieved state-of-the-art performance in multilingual code evaluation and enhanced problem-solving capabilities [2][6][30]. - The introduction of TurboDiffusion by Tsinghua University marks a breakthrough in AI video generation, reducing generation time from minutes to seconds while maintaining video quality [3][32][39]. - The financing landscape for AI startups is robust, exemplified by LemonSlice's $10.5 million seed round aimed at developing interactive video avatars, indicating a shift towards multimodal AI interactions [4][44][48]. Summary by Sections 1. Computing Power Dynamics - MiniMax released the M2.1 model, achieving 72.5% in the SWE-bench Multilingual evaluation, surpassing competitors like Gemini 3 Pro and Claude Sonnet 4.5 [23][24]. - The rental prices for computing power remain stable, with specific configurations priced at approximately 28.64 CNY/hour for Tencent Cloud and 31.58 CNY/hour for Alibaba Cloud [22][23]. 2. AI Application Dynamics - Discord's weekly traffic increased by 9.44%, indicating growing engagement in AI applications [31]. - TurboDiffusion has accelerated AI video generation significantly, achieving up to 200 times faster processing without compromising quality [32][36]. 3. Financing Trends - LemonSlice secured $10.5 million in seed funding to enhance its real-time interactive avatar technology, showcasing the potential for AI to evolve from text-based to multimodal interactions [44][46]. 4. Market Review - The AI application index and AI computing power index showed positive performance, with notable gains in specific companies like Yingwei Technology and Shengyi Technology [50][56]. 5. Investment Recommendations - The report highlights the strategic acquisition of Groq by NVIDIA for approximately $20 billion, reinforcing NVIDIA's leadership in the AI chip sector and emphasizing the high demand for efficient computing solutions [6][56].