Core Viewpoint - The software services sector is entering a new phase of differentiation, driven by AI, with opportunities becoming more concentrated but of higher quality [2]. Group 1: Industry Overview - By 2025, the A-share software services industry is expected to show a moderate but certain recovery, with an overall market value growth of approximately 18%, increasing from 3.32 trillion yuan at the beginning of the year to 3.9 trillion yuan by year-end [3]. - The market perception is shifting from "growth anxiety" to "capability reassessment," indicating a more mature evaluation of companies in the sector [3]. - The growth in market value across different segments is relatively balanced but still shows tiered differences, with the highest growth seen in Information Technology Consulting and Other Services at +19.6%, reflecting a renewed demand for IT consulting and industry solutions [3][4]. Group 2: Market Segmentation - The market performance of various segments in 2025 is as follows: - Internet Services and Infrastructure: 5,156.09 billion yuan (+16.16%) - System Software: 632.39 billion yuan (+16.12%) - Information Technology Consulting and Other Services: 11,274.12 billion yuan (+19.61%) - Application Software: 21,970.58 billion yuan (+17.00%) - Total: 39,033.18 billion yuan (+17.62%) [4]. - The software services market has evolved from a broad-based growth model to one focused on industry depth, organizational replacement capabilities, and long-term cash flow [4]. Group 3: Leading Companies - As of the end of 2025, there are 319 software service companies listed in A-shares, with a focus on those excelling in R&D innovation, profitability, growth potential, and market performance [5]. - The top ten companies identified include: 1. Kingsoft Office 2. Tonghuashun 3. Runze Technology 4. Huada Jiutian 5. 360 6. Dameng Data 7. Hengniu Shenzi 8. Hongsoft Technology 9. Baoxin Software 10. Hehe Information [7][8]. Group 4: R&D and Financial Health - The R&D innovation performance in the software services sector shows significant polarization, with 57 companies scoring above 400 points (17.9%) and a majority scoring between 200 and 400 points (65.5%) [9]. - Financial health scores indicate that many companies are under pressure, with 87.5% of firms scoring between 300 and 500 points, reflecting challenges such as narrowing profit margins and increased cash flow pressures [11]. Group 5: Growth Potential and Future Trends - Growth potential scores reveal a clear differentiation in the sector, with standout companies in two categories: those benefiting from AI infrastructure and emerging platforms, and those driven by AI and data intelligence technologies [12]. - The structural growth in the software services industry validates the logic of AI technology and domestic substitution, with a focus on three main lines for 2026: 1. Deepening AI applications in system software and entertainment software [15]. 2. Increasing domestic substitution in foundational software like operating systems and databases [15]. 3. Expanding global presence in gaming and industrial software [15].

Group 1 - The software development sector increased by 0.75% on December 31, with Zhongke Jiangnan leading the gains [1] - The Shanghai Composite Index closed at 3968.84, up 0.09%, while the Shenzhen Component Index closed at 13525.02, down 0.58% [1] - Zhongke Jiangnan's stock price rose by 20.00% to 24.72, with a trading volume of 321,100 shares and a transaction value of 760 million yuan [1] Group 2 - The software development sector experienced a net inflow of 116 million yuan from institutional investors, while retail investors saw a net inflow of approximately 51 million yuan [2] - Major stocks in the software development sector showed varied performance, with some experiencing significant declines, such as Guandao Tui, which fell by 21.82% [2] - The trading data indicates that institutional investors were more active in certain stocks, such as Keda Xunfei, which had a net inflow of 250 million yuan from institutional investors [3]

证券代码：688615 证券简称：合合信息 公告编号：2025-053 https://www1.hkexnews.hk/app/sehk/2025/108007/documents/sehk25122901617 _c.pdf 英文： https://www1.hkexnews.hk/app/sehk/2025/108007/documents/sehk25122901618. pdf 上海合合信息科技股份有限公司 关于发行 H 股并上市的进展公告 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、准确性和完整性依法承担法律责任。 上海合合信息科技股份有限公司（以下简称"公司"）正在进行申请境外发 行股份（H 股）并在香港联合交易所有限公司（以下简称"香港联交所"）主板 挂牌上市（以下简称"本次发行"）的相关工作。公司已于 2025 年 6 月 26 日向 香港联交所递交了本次发行的申请，并在香港联交所网站刊登了本次发行的申请 材料。 根据公司本次发行的时间安排及香港联交所的相关规定，公司于 2025 年 12 月 29 日向香港联交所更新递交了本次发行的 ...

合合信息公告称，公司正在推进申请境外发行股份（H股）并在香港联交所主板挂牌上市工作。已于 2025年6月26日递交申请，12月29日更新递交申请并刊登相关更新文件。申请材料为草拟版本，所载资 料可能更新修订。发行对象限于境外及境内合格投资者，不会在境内交易所网站等刊登申请资料，提供 了香港联交所网站查询链接。本次发行尚需获相关监管机构批准，存在不确定性。 ...

Core Insights - The company, Shanghai Hehe Information Technology Co., Ltd., won the "Outstanding AI Application Enterprise" award at the 2026 Golden Award evaluation, highlighting its strong position in the AI market with products like Scanning King and Business Card King, which have amassed hundreds of millions of users globally [1] Group 1: Technology Foundation - The company has focused on intelligent text recognition since its inception, evolving from traditional OCR to integrating deep learning and natural language processing [2] - Its core technology achieves an average recognition rate of 99.77% for printed documents and 97.00% for handwritten documents, showcasing its capability in complex scenarios [2] - The company has received multiple international certifications, including being recognized as a "Global Top Developer" by Google in 2012 and winning various competitions in document analysis and recognition [2][3] Group 2: Product and Market Strategy - The company has developed advanced text detection technologies to address challenges in document image recognition, enabling efficient operation on resource-constrained devices [3] - As of September 30, 2025, the company reported 189 million monthly active users and 9.27 million paying users, with a year-on-year growth of 35.18% [3] - The company serves nearly 30 industry scenarios with its B-end products, leveraging natural language processing and knowledge graph technologies to build a commercial database covering over 300 million Chinese enterprises [3] Group 3: Growth and Financial Performance - The company achieved a revenue of 1.438 billion yuan in 2024, a year-on-year increase of 21.2%, and a net profit of 401 million yuan, up 23.9% [7] - In the third quarter of 2025, the company reported a revenue of 460 million yuan, a 27.49% increase year-on-year, with a net profit growth of 34.93% [7][8] - The C-end products, particularly Scanning King, have high gross margins, with Scanning King accounting for 68.47% of revenue in 2024 and a gross margin of 86.6% [7] Group 4: Global Expansion and Market Position - Approximately one-third of the company's revenue comes from international markets, with 466 million yuan in overseas revenue in 2024, representing 32.37% of total revenue [9] - The Scanning King app has been downloaded in over 100 countries, ranking first in efficiency app downloads in 84 countries, indicating strong brand recognition and user base [10] - The company plans to list in Hong Kong, which is expected to enhance its recognition in international capital markets and support overseas expansion [10] Group 5: Future Outlook - The company is transitioning from an OCR tool provider to a multi-modal AI application platform, focusing on AI-native applications and enhancing its core products with understanding and generation capabilities [4] - Analysts predict continued growth in net profit, with estimates of 500 million yuan, 626 million yuan, and 788 million yuan for 2025-2027, respectively [10] - The company's strategic positioning as a foundational entry point in the AI ecosystem, particularly in document intelligence, is expected to drive its future growth [6]

Company Overview - Shanghai Hehe Information Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CICC as the sole sponsor [1] - The company focuses on AI technology innovation, providing products to over a billion users globally across diverse industries [2] - Hehe Information is a leader in the global text intelligence technology field, driven by its multimodal large language model capable of processing various data forms [2] - The company has developed several consumer products, including Scan All and Business Card All-in-One, achieving significant user engagement and revenue growth [2][3] Financial Performance - The company reported revenues of approximately RMB 988 million, RMB 1.187 billion, RMB 1.438 billion, and RMB 1.303 billion for the fiscal years 2022, 2023, 2024, and the nine months ending September 30, 2025, respectively [4] - Gross profits were recorded at approximately RMB 827 million, RMB 1 billion, RMB 1.212 billion, and RMB 1.126 billion, with gross margins of 83.7%, 84.3%, 84.3%, and 86.4% for the same periods [5] - Net profits for the fiscal years were approximately RMB 284 million, RMB 323 million, RMB 401 million, and RMB 351 million [6] Industry Insights - The AI technology landscape is evolving from symbolic logic to general intelligence, enhancing capabilities in perception, cognition, and decision-making [7] - The global AI product market is projected to reach USD 46.5 billion in 2024, with expectations to grow to USD 228 billion by 2029, reflecting a compound annual growth rate (CAGR) of 37.4% [8] - The consumer AI product market is expected to grow from USD 10.9 billion in 2024 to USD 77.1 billion by 2029, with efficiency-focused AI products holding the largest market share [9]

据港交所12月29日披露，上海合合信息科技股份有限公司(688615.SH)向港交所主板提交上市申请，中金公司为其独家保荐人。该公司曾于今年6月26日向港 交所递交过上市申请。 公司简介 据招股书，自成立以来，合合信息始终致力以AI技术创新赋能，向全球亿级用户及多元化行业企业客户提供产品。凭借超过18年的人工智能研究与应用实 践积累，合合信息已成为全球文本智能技术领域的领军者，其核心驱动力来自多模态大语言模型。该模型能够同步处理文本、图像、视频等多种形式的数据 输入，并生成多样化的输出模态，从而实现信息抽取、文档解析与修复、图像增强等多元化的AI功能。该公司的业务已覆盖全球超过200个国家和地区。 根据灼识咨询，在2024年全球C端效率类AI产品MAU(月活跃用户数)上亿的企业中，按相应产品的收入计，合合信息位居中国第一名、全球第五名，并保持 强劲的增长态势。 基于多年AI技术的积累和对用户需求的深入洞察，合合信息自主研发并成功推出了包括扫描全能王、名片全能王、启信宝在内的一系列C端产品。其中，根 据灼识咨询，按2025年9月的月活跃用户数计，扫描全能王是全球用户规模最大的图像文本处理AI产品，且是一款已上线 ...

智通财经APP获悉，据港交所12月29日披露，上海合合信息科技股份有限公司(688615.SH)向港交所主板提交上市申请，中金公司为其独家保荐人。该公司 曾于今年6月26日向港交所递交过上市申请。 据招股书，自成立以来，合合信息始终致力以AI技术创新赋能，向全球亿级用户及多元化行业企业客户提供产品。凭借超过18年的人工智能研究与应用实 践积累，合合信息已成为全球文本智能技术领域的领军者，其核心驱动力来自多模态大语言模型。该模型能够同步处理文本、图像、视频等多种形式的数据 输入，并生成多样化的输出模态，从而实现信息抽取、文档解析与修复、图像增强等多元化的AI功能。该公司的业务已覆盖全球超过200个国家和地区。 根据灼识咨询，在2024年全球C端效率类AI产品MAU(月活跃用户数)上亿的企业中，按相应产品的收入计，合合信息位居中国第一名、全球第五名，并保持 强劲的增长态势。 公司简介 基于多年AI技术的积累和对用户需求的深入洞察，合合信息自主研发并成功推出了包括扫描全能王、名片全能王、启信宝在内的一系列C端产品。其中，根 据灼识咨询，按2025年9月的月活跃用户数计，扫描全能王是全球用户规模最大的图像文本处理AI ...

Core Viewpoint - Shanghai Hehe Information Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with China International Capital Corporation as its sole sponsor, after a previous application in June 2023 [1]. Company Overview - Since its establishment, Hehe Information has focused on AI technology innovation, providing products to over a billion users globally across diverse industries. The company has over 18 years of experience in AI research and application, becoming a leader in the global text intelligence technology field, driven by its multimodal large language model [4]. - The company's business spans over 200 countries and regions, and according to Zhaoshang Consulting, it ranks first in China and fifth globally in terms of revenue among companies with over 100 million monthly active users (MAU) for efficiency AI products in 2024, maintaining strong growth [4]. Product Portfolio - Hehe Information has developed several consumer products, including "Scanner All-in-One," "Business Card All-in-One," and "Qixinbao," based on years of AI technology accumulation and user demand insights. The "Scanner All-in-One" is noted as the largest image text processing AI product globally, with over 100 million MAU and a compound annual growth rate (CAGR) of over 20% in revenue from 2022 to 2024 [4][5]. - The "Business Card All-in-One" app ranked first in the business category of free app downloads on the Apple App Store in 41 countries and regions. In 2024, the company plans to launch an online digital business card feature to explore the global digital business card market [5]. Financial Performance - The company reported revenues of approximately RMB 988 million, RMB 1.188 billion, RMB 1.438 billion, and RMB 1.303 billion for the fiscal years 2022, 2023, 2024, and the nine months ending September 30, 2025, respectively [6]. - Gross profits for the same periods were approximately RMB 827 million, RMB 1 billion, RMB 1.212 billion, and RMB 1.126 billion, with gross margins of 83.7%, 84.3%, 84.3%, and 86.4% [7]. - Net profits for the fiscal years were approximately RMB 284 million, RMB 323 million, RMB 401 million, and RMB 351 million [8]. Market Outlook - The global AI product market is projected to reach USD 46.5 billion in 2024, with over 10,000 participants, and is expected to grow to USD 228 billion by 2029, with a CAGR of 37.4% [11]. - The C-end AI product market is expected to reach USD 10.9 billion in 2024, growing to USD 77.1 billion by 2029, with a CAGR of 48.0%. Efficiency AI products are anticipated to dominate this segment, accounting for 57.5% of the total market [13][16].

智通财经APP获悉，据港交所12月29日披露，上海合合信息科技股份有限公司(688615.SH)向港交所主 板提交上市申请，中金公司为其独家保荐人。该公司曾于今年6月26日向港交所递交过上市申请。 据招股书，自成立以来，合合信息始终致力以AI技术创新赋能，向全球亿级用户及多元化行业企业客 户提供产品。凭借超过18年的人工智能研究与应用实践积累，合合信息已成为全球文本智能技术领域的 领军者，其核心驱动力来自多模态大语言模型。该模型能够同步处理文本、图像、视频等多种形式的数 据输入，并生成多样化的输出模态，从而实现信息抽取、文档解析与修复、图像增强等多元化的AI功 能。该公司的业务已覆盖全球超过200个国家和地区。 根据灼识咨询，在2024年全球C端效率类AI产品MAU(月活跃用户数)上亿的企业中，按相应产品的收入 计，合合信息位居中国第一名、全球第五名，并保持强劲的增长态势。 ...