证券代码：688615 证券简称：合合信息 公告编号：2025-046 上海合合信息科技股份有限公司 关于调整公司 2025 年限制性股票激励计划相关 事项的公告 摘要的议案》《关于<上海合合信息科技股份有限公司2025年限制性股票激励计 划实施考核管理办法>的议案》以及《关于提请股东会授权董事会办理公司2025 年限制性股票激励计划相关事项的议案》，并于2025年9月18日在上海证券交易 所网站（www.sse.com.cn）上披露了《上海合合信息科技股份有限公司关于公司 2025年限制性股票激励计划内幕信息知情人及激励对象买卖公司股票情况的自 查报告》（公告编号：2025-043）。 4、2025年10月30日，公司召开了第二届董事会第二十四次会议，审议通过 了《关于调整公司2025年限制性股票激励计划相关事项的议案》《关于向激励对 象授予限制性股票的议案》。公司董事会薪酬与考核委员会已经审议通过相关议 案，公司董事会薪酬与考核委员会对授予日的激励对象名单进行了核实并发表了 核查意见。 二、调整事由及调整结果 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 ...

证券代码：688615 证券简称：合合信息 公告编号：2025-047 上海合合信息科技股份有限公司 关于向 2025 年限制性股票激励计划激励对象授 予限制性股票的公告 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。 重要内容提示： 4、2025年10月30日，公司召开了第二届董事会第二十四次会议，审议通过 了《关于调整公司2025年限制性股票激励计划相关事项的议案》《关于向激励对 象授予限制性股票的议案》。公司董事会薪酬与考核委员会已经审议通过相关议 案，公司董事会薪酬与考核委员会对授予日的激励对象名单进行了核实并发表了 核查意见。 限制性股票授予日：2025年10月30日 限制性股票授予数量：92.97万股，约占目前公司股本总额14,000万股的 0.66% 股权激励方式：第二类限制性股票 上海合合信息科技股份有限公司（以下简称"公司"）《2025年限制性股票 激励计划（草案）》（以下简称"本激励计划"或"《激励计划（草案）》"） 规定的限制性股票授予条件已经成就，根据公司2025年第二次临时股东会授权， 公司于20 ...

上海合合信息科技股份有限公司 2025 年限制性股票激励计划激励对象名单 （截至授予日） 上海合合信息科技股份有限公司（以下简称"公司"）2025 年限制性股票 激励计划激励对象名单及分配情况如下： | | | | 获授第二 | 占授予 第二类 | 占本激励 | | --- | --- | --- | --- | --- | --- | | 姓名 | 国籍 | 职务 | 类限制性 股票数量 （万股） | 限制性 股票总 量的比 | 计划公告 日公司股 本总额的 比例 | | | | | | 例 | | | 一、董事、高级管理人员、核心技术人员 | | | | | | | 镇立新 | 中国 | 董事长、总经理、核 心技术人员 | 0.50 | 0.54% | 0.004% | | 陈青山 | 中国 | 董事、副总经理、核 心技术人员 | 0.50 | 0.54% | 0.004% | | 龙腾 | 中国 | 董事、副总经理、核 心技术人员 | 0.50 | 0.54% | 0.004% | | 刘忱 | 中国 | 董事、董事会秘书 | 0.50 | 0.54% | 0.004% | | 刘雅琴 | 中国 | 董 ...

使用部分暂时闲置募集资金进行现金管理 的核查意见 根据《上市公司募集资金监管规则》《证券发行上市保荐业务管理办法》《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》《上海证券交 易所科创板股票上市规则》等有关法律、法规的规定，中国国际金融股份有限公 司（以下简称"中金公司"和"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"和"公司"）持续督导工作的保荐机构，对公司使用部分暂时闲 置募集资金进行现金管理进行了审慎核查，核查情况及意见如下： 一、募集资金基本情况概述 根据中国证券监督管理委员会（以下简称"中国证监会"）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 〔2023〕2259 号），公司获准首次向社会公众公开发行人民币普通股（A 股）股 票（以下简称"本次发行"）2,500.00 万股，发行价格为人民币 55.18 元/股，募集 资金总额为人民币 137,950.00 万元，扣除各项发行费用后募集资金净额为人民币 126,984.06 万元，以上募集资金已经众华会计师事务所（特殊普通合伙）于 2024 年 9 月 23 日出具 ...

上海市锦天城律师事务所 关于上海合合信息科技股份有限公司 2025 年限制性股票激励计划调整和授予事项的 法律意见书 锦 天 城 律师事务 所 ALLBRIGHT LAW OFFICES 地址： 上海市浦东新区银城中路 501 号上海中心大厦 11/12 层 传真: 021-20511999 电话: 021-20511000 邮编：200120 上海市锦天城律师事务所 法律意见书 !"#$%&'()*+, -.!"//0123456789, 2025 :7;<4=>?@ABCDEF)GH, I'JKL, 案号：01F20253864 声明事项 一、本所及经办律师依据《证券法》《律师事务所从事证券法律业务管理办 法》和《律师事务所证券法律业务执业规则》等规定及本法律意见书出具日以前 已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信用原 则，对本次激励计划的合法性、有效性进行了充分的核查验证，保证本法律意见 所认定的事实真实、准确、完整，所发表的结论性意见合法、准确，不存在虚假 记载、误导性陈述或者重大遗漏，并承担相应法律责任。 1 上海市锦天城律师事务所 法律意见书 二、本所及本所经办律师仅就 ...

Financial Performance - The company's operating revenue for Q3 2025 reached ¥460,352,681.63, representing a year-on-year increase of 27.49%[3] - Total profit for the period was ¥123,157,285.90, up 38.62% compared to the same quarter last year[3] - Net profit attributable to shareholders was ¥115,712,987.63, reflecting a growth of 34.93% year-on-year[3] - The cash flow generated from operating activities amounted to ¥184,002,253.52, an increase of 40.25% compared to the previous year[3] - The company reported a net profit of CNY 35,110.04 million for the first nine months of 2025, reflecting a year-on-year growth of 14.55%[14] - Total operating revenue for the first three quarters of 2025 reached RMB 1,303,450,043.38, an increase of 24.2% compared to RMB 1,049,268,035.53 in the same period of 2024[24] - Net profit for the first three quarters of 2025 was RMB 351,062,874.70, representing a growth of 14.5% compared to RMB 306,501,542.02 in 2024[25] - The total comprehensive income for the period was CNY 349,413,381.20, compared to CNY 306,174,073.80 in the previous year, representing an increase of approximately 14.1%[26] User Growth - The number of monthly active users and paying users has increased, contributing to overall business growth[9] - Monthly active users for major C-end products reached 189 million, marking a year-on-year increase of 12.50%[17] - The cumulative number of paying users increased to 9.27 million, a growth of 35.18% year-on-year[17] Research and Development - Research and development expenses totaled ¥129,505,608.16, accounting for 28.13% of operating revenue, a decrease of 2.46 percentage points from the previous year[4] - Research and development expenses increased to RMB 331,063,803.42 in 2025, up 24.5% from RMB 265,902,367.84 in 2024[25] - The company has focused on functional R&D and product innovation, enhancing user experience and expanding its global presence[9] - The company is focusing on product functionality iteration and technological innovation to enhance user experience and accelerate overseas market commercialization[15] Assets and Liabilities - The total assets at the end of the reporting period were ¥3,652,396,487.87, a 4.70% increase from the end of the previous year[4] - The total assets of the company as of September 30, 2025, amounted to RMB 3,652,396,487.87, compared to RMB 3,488,458,463.72 at the end of 2024[22] - Current assets totaled RMB 3,371,798,142.49 as of September 30, 2025, an increase of 5.3% from RMB 3,200,943,422.12 at the end of 2024[21] - The company's total liabilities as of September 30, 2025, were RMB 845,159,841.53, slightly up from RMB 830,885,198.58 at the end of 2024[22] - The equity attributable to shareholders of the parent company increased to RMB 2,807,030,905.89 as of September 30, 2025, compared to RMB 2,657,579,995.52 at the end of 2024[22] Cash Flow - The net cash flow from operating activities for the first three quarters of 2025 was CNY 371,124,133.60, up from CNY 290,299,603.55 in the same period of 2024, indicating a growth of about 28%[27] - Cash inflow from sales of goods and services reached CNY 1,391,889,330.57, compared to CNY 1,095,154,789.14 in the previous year, marking an increase of approximately 27%[27] - The net cash flow from investment activities was negative at CNY -341,844,692.63, a decline from a positive CNY 59,288,209.24 in the previous year[28] - The company experienced a negative cash flow from financing activities of CNY -229,338,849.98, contrasting with a positive cash flow of CNY 1,283,171,305.45 in the previous year[29] Earnings Per Share - The company reported a basic and diluted earnings per share of CNY 2.51, down from CNY 2.92 in the previous year, reflecting a decrease of about 14.1%[26] Strategic Plans - The company plans to accelerate the commercialization of its overseas products and enhance their functionalities[9] - The company plans to adopt a differentiated development strategy to reduce promotional expenses in response to market competition[16] - The company continues to expand AI application scenarios to optimize user efficiency and experience in its business data segment[16] Other Information - The company did not undergo any mergers under common control during the reporting period[26]

上海合合信息科技股份有限公司（以下简称"公司"）于2025年10月30 日分别召开第二届董事会第二十四次会议、第二届董事会审计委员会第十五次会 议，审议通过了《关于使用部分暂时闲置募集资金进行现金管理的议案》，同意 公司在不影响募集资金投资计划正常进行和募集资金安全的前提下，使用额度不 超过35,000万元(含本数)闲置募集资金进行现金管理，用于购买安全性高、流动 性好的保本型产品（包括通知存款、定期存款、结构性存款、大额存单等），在 上述额度范围内，资金可以滚动使用，使用期限自董事会审议通过之日起12个月 内。 保荐机构中国国际金融股份有限公司（以下简称"保荐机构"）对该事 项出具了明确的核查意见。现将具体情况公告如下： 一、募集资金基本情况 证券代码：688615 证券简称：合合信息 公告编号：2025-048 上海合合信息科技股份有限公司 关于使用部分暂时闲置募集资金 进行现金管理的公告 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。 重要内容提示： 根据中国证券监督管理委员会（以下简称"中国证监会"）出具的《关于同 ...

Core Viewpoint - The stock of Hehe Information has shown a significant increase in price and trading volume, indicating strong market interest and potential growth in the company's business operations [1][2]. Company Overview - Hehe Information, established on August 8, 2006, is located in Shanghai and 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 company's main revenue sources include: 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]. Financial Performance - For the first half of 2025, Hehe Information reported a revenue of 843 million yuan, representing a year-on-year growth of 22.51%, and a net profit attributable to shareholders of 235 million yuan, which is a 6.63% increase compared to the previous year [2]. - The stock price has increased by 30.38% year-to-date, with a 5.26% rise over the last five trading days and a 21.29% increase over the last 20 days [1]. Shareholder Information - As of June 30, 2025, the number of shareholders for Hehe Information was 8,894, a decrease of 4.82% from the previous period, while the average number of circulating shares per person increased by 47.08% to 3,148 shares [2]. - The top circulating shareholders include major funds such as Taixin Small and Medium Cap Selected Mixed Fund and others, indicating strong institutional interest [3]. Market Activity - On October 29, the stock price reached 186.66 yuan per share with a trading volume of 396 million yuan, reflecting a turnover rate of 2.25% and a total market capitalization of 26.132 billion yuan [1]. - Despite a net outflow of 15.08 million yuan from main funds, large orders showed significant buying activity, indicating mixed market sentiment [1].

Core Insights - On October 28, Hohhot Information saw a stock price increase of 3.16% with a trading volume of 1.307 billion yuan [1] - The company reported a net financing purchase of 51.986 million yuan on the same day, with a total financing balance of 588 million yuan, representing 3.32% of its market capitalization [1][2] - Hohhot Information's revenue for the first half of 2025 reached 843 million yuan, a year-on-year increase of 22.51%, while net profit attributable to shareholders was 235 million yuan, up 6.63% [2] Financing and Margin Trading - On October 28, Hohhot Information had a financing purchase of 211 million yuan, with a financing balance of 588 million yuan, which is above the 90th percentile of the past year [1] - The company had no short selling activity on the same day, with a short selling balance of 0 yuan, indicating a high level of investor confidence [1] Business Overview - Hohhot Information, established on August 8, 2006, specializes in intelligent text recognition and commercial big data technologies, serving both C-end and B-end clients [2] - The revenue composition includes 81.65% from C-end intelligent text recognition products, 9.44% from B-end commercial big data services, and smaller contributions from other segments [2] Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 4.82% to 8,894, while the average circulating shares per person increased by 47.08% to 3,148 shares [2][3] - The top circulating shareholder is Taixin Small and Medium Cap Selected Mixed Fund, which increased its holdings by 38,500 shares [3]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5][8]. Core Insights - The company is a leading player in intelligent text recognition, with significant growth potential driven by new AI applications and overseas expansion [5][10]. - The global intelligent text recognition service market is projected to reach USD 12.558 billion in 2023, with a CAGR of approximately 14.8% from 2024 to 2030 [7][42]. - The company is expected to achieve revenues of RMB 17.31 billion, RMB 20.86 billion, and RMB 25.04 billion for the years 2025 to 2027, respectively, with corresponding growth rates of 20.37%, 20.48%, and 20.05% [6][8]. Summary by Sections Market Performance - As of October 27, 2025, the closing price of the company's stock is RMB 177.33, with a total market capitalization of RMB 24,826.20 million [3]. Financial Forecast and Valuation - Revenue projections for 2023 to 2027 show a steady increase, with operating income expected to grow from RMB 1,187 million in 2023 to RMB 2,504 million in 2027 [6]. - The company’s net profit attributable to shareholders is forecasted to rise from RMB 323 million in 2023 to RMB 698 million in 2027, reflecting a strong growth trajectory [6]. Business Overview - The company operates in both C-end and B-end markets, with its flagship products, CamScanner and CamCard, leading in user scale and brand recognition [10][15]. - The C-end business is primarily driven by subscription models, while the B-end focuses on providing tailored solutions to various industries [18][64]. Revenue Growth and Profitability - The company has maintained a robust revenue growth rate, with a CAGR of 25.59% from 2020 to 2024, and expects to continue this trend [22]. - The gross margin is projected to remain high, with estimates of 84.6%, 84.9%, and 85.2% for 2025 to 2027 [9][31]. Product and Service Development - The launch of the TextIn xParse document processing platform is expected to enhance B-end commercial monetization and drive revenue growth [10][76]. - The company’s intelligent text recognition services are expanding to support various applications, including document parsing and AI model training [58][76]. Competitive Landscape - The company faces competition in the C-end market, particularly with its commercial data services, but maintains a strong user base and brand loyalty [66][69]. - The B-end services are evolving towards higher value-added solutions, indicating a shift in revenue structure [72].