近期，凭借优质的商业大数据服务，企查查入选互联网周刊《2025新经济独角兽企业100强》榜单，同 期获奖的企业品牌有抖音集团、蚂蚁集团、大疆创新、京东科技、宇树科技等。 独角兽企业高度聚焦于前沿技术领域和新兴商业模式，其分布版图清晰地勾勒出中国新经济的脉动方 向。它们或是利用大数据、云计算、物联网等颠覆性技术，对传统产业进行深度赋能与智能化改造；或 是凭借对消费市场的敏锐洞察，开创出崭新的商业模式与服务形态，深刻改变了人们的衣食住行与社交 方式。 | S/N | 变业 | 备注 | | --- | --- | --- | | 1 | 抖音集团 | 文娱传媒 | | 2 | 蚂蚁集团 | 金融 | | 3 | 大疆创新 | 智能制造 | | ব | 超聚变 | 算力 | | 5 | 京东科技 | 金融 | | 77 | 企查查 | 企业服务 | 作为大国内领先的商业大数据平台，企查查凭借其强大的数据处理能力和丰富的数据资源，应用场景不 断拓展，正逐步引领着商业大数据的发展潮流。 在企业用户服务方面，企查查通过专业化服务，为企业提供精准获客、企业实力模型评估、尽职调查、 风险控制、司法调查、舆情监控、供应链管理等 ...

来源：万点研究 文/思言 来源/万点研究 12月22日，上交所官网披露了企查查对首次公开发行股票并在主板上市申请的首轮审核问询函的回复文 件。在首轮问询中，交易所重点关注了企查查的核心产品与技术竞争力、销售模式与客户结构、成本构 成与高毛利率可持续性等关键问题。 公开资料显示，企查查定位为专业的商业大数据综合服务商，致力于为用户提供准确、高效、便捷的企 业信用、风险、资讯等数据服务。回溯其IPO历程，2025年10月10日，公司IPO申请获得受理，并于当 年10月29日进入问询阶段。 从融资历程来看，企查查已获8轮融资，投资方包括险峰长青、燧石资本、元禾辰坤、兴富资本、国方 创新、万得投资等知名机构。其中，最后一次的D+轮融资时间为2023年10月，投资方为中信证券投资 有限公司，但未披露融资额。 盈利能力堪比茅台，C端"提价"能持续多久？ 基本面是企业IPO核心底气，企查查亮眼数据背后亦潜藏隐忧。 招股书显示，2022年至2025年上半年（以下简称报告期内），公司实现营收5.18亿元、6.18亿元、7.08 亿元及3.75亿元；净利润分别为1.9亿元、2.59亿元、3.17亿元及1.72亿元。 盈利质量方面 ...

1月12日，合合信息涨9.67%，截至发稿，报290.00元/股，成交7040.16万元，换手率0.25%，总市值 406.00亿元。合合信息股价已经连续6天上涨，区间累计涨幅25.3%。 资料显示，上海合合信息科技股份有限公司位于上海市静安区万荣路1256、1258号1105-1123室,香港湾 仔皇后大道东183号合和中心46楼，成立日期2006年8月8日，上市日期2024年9月26日，公司主营业务涉 及基于自主研发的领先的智能文字识别及商业大数据核心技术,为全球C端用户和多元行业B端客户提供 数字化、智能化的产品及服务。主营业务收入构成为：智能文字识别-C端产品81.65%，商业大数据-B 端产品及服务9.44%，智能文字识别-B端产品及服务4.87%，商业大数据-C端产品3.48%，其他0.38%， 其他(补充)0.17%。 从基金十大重仓股角度 数据显示，德邦基金旗下1只基金重仓合合信息。德邦稳盈增长灵活配置混合A（004260）三季度增持 17.82万股，持有股数23.96万股，占基金净值比例为5.29%，位居第九大重仓股。根据测算，今日浮盈 赚取约612.93万元。连续6天上涨期间浮盈赚取127 ...

Core Viewpoint - The company, Shanghai Hehe Information Technology Co., Ltd., is experiencing significant trading activity and financial growth, with a focus on intelligent text recognition and commercial big data services. Group 1: Financial Performance - For the period from January to September 2025, the company achieved a revenue of 1.303 billion yuan, representing a year-on-year growth of 24.22% [2] - The net profit attributable to the parent company for the same period was 351 million yuan, reflecting a year-on-year increase of 14.55% [2] Group 2: Shareholder and Market Activity - As of January 7, the company’s financing balance was 536 million yuan, accounting for 2.25% of its market capitalization, which is above the 90th percentile of the past year [1] - The total number of shareholders as of September 30 was 13,700, an increase of 53.87% compared to the previous period [2] - The average number of circulating shares per shareholder was 7,063, which is an increase of 124.38% from the previous period [2] Group 3: Business Operations - The company’s main business revenue composition includes 81.65% from intelligent text recognition C-end products, 9.44% from commercial big data B-end products and services, and 4.87% from intelligent text recognition B-end products and services [2] - The company has cumulatively distributed 200 million yuan in dividends since its A-share listing [3] Group 4: Institutional Holdings - As of September 30, 2025, several funds, including 泰信中小盘精选混合 and 大摩数字经济混合, have exited the list of the top ten circulating shareholders [3]

Core Viewpoint - The company Qichacha is preparing for an IPO on the Shanghai Stock Exchange, following the listing of its parent company Hehe Information, and is recognized as a leading provider of commercial big data services in China with a significant user base and high gross margins [2][25]. Group 1: Company Overview - Qichacha, based in Suzhou, Jiangsu, has over 150 million registered users and holds the second-largest market share among general commercial big data service providers in China as of 2023 [2][9]. - The company primarily generates revenue through membership products, contributing over 80% of its total revenue during the reporting period from 2022 to mid-2025 [5][10]. Group 2: Revenue Model - The revenue breakdown for Qichacha shows that membership products accounted for approximately 84.25% of revenue in the first half of 2025, with professional versions and data interface services making up smaller portions [6][11]. - The company’s revenue for 2022, 2023, 2024, and the first half of 2025 was approximately 518 million, 618 million, 708 million, and 375 million yuan respectively, with net profits of about 190 million, 259 million, 317 million, and 172 million yuan [15]. Group 3: Market Position and Competition - Qichacha faces competition from other brands in the commercial big data service sector, including Tianyancha and Qixinbao, with a similar business model but varying service offerings [19]. - The company has a strong presence in the B2B market, with major clients including China Bank and Agricultural Bank, while its C-end revenue has consistently exceeded 76% of total revenue [9][10]. Group 4: Financial Health and Growth - The gross margin for Qichacha has been high, reaching 90.74% in the first half of 2025, which is comparable to industry peers [15][18]. - The company has maintained a relatively low R&D expense ratio compared to its competitors, which may impact its long-term competitiveness in the rapidly evolving AI and big data landscape [16][25]. Group 5: Future Prospects - Qichacha plans to raise approximately 1.5 billion yuan through its IPO to fund various projects aimed at upgrading its commercial big data products and enhancing its AI capabilities [24]. - The commercial big data service market in China is projected to grow from 50.1 billion yuan in 2023 to 115.3 billion yuan by 2028, indicating a compound annual growth rate of 18.1% [14].

合合信息 20251221 摘要 合合信息专注于智能文字识别和商业大数据领域，拥有 C 端产品如扫描 全能王、名片全能王和企信宝，以及 B 端企业级智能解决方案，构建了 全面的产品体系。 公司 2020 年至 2024 年营收复合增速超 25%，利润复合增速达 33%，2025 年前三季度营收同比增长 24%，利润同比增长 15%，显 示出强劲的增长势头。 合合信息毛利率维持在 85%左右，净利率接近 30%，C 端产品毛利率 接近 90%，B 端服务型产品毛利率在 60%-70%之间，盈利能力显著。 扫描全能王月活用户达 1.89 亿，同比增长 12.5%，付费用户 927 万， 同比增长 35%，付费渗透率为 4.9%，相较金山办公仍有提升空间。 全球智能文字识别市场预计 2022 年至 2027 年复合增速为 16.7%，中 国内地市场复合增长率预计为 27%，金融与物流运输行业需求旺盛。 商业大数据行业受益于政策支持和 AI 技术发展，预计 2022 年至 2027 年复合增速保持在 20%左右，市场规模可观。 合合信息成立于 2006 年，最初专注于文字识别技术。其主要产品包括面向 C 端用户的扫描 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][6]. Core Insights - The company is a leader in intelligent text recognition and commercial big data, benefiting from the AI boom. It has a dual-driven product strategy targeting both B2C and B2B markets, leveraging proprietary OCR and data mining technologies [5][18]. - The company has demonstrated steady revenue and profit growth, with its core business in intelligent text recognition. For 2024, the expected revenue from intelligent text recognition is 1.09 billion yuan, with a year-on-year growth of 20.5% [5][24]. - The company plans to issue H shares to enhance its global strategy, with a target market capitalization of 43.4 billion yuan based on a 69x PE ratio for 2026 [5][6]. Financial Data and Profit Forecast - The company forecasts total revenue of 1.8 billion yuan for 2025, with a year-on-year growth rate of 25.1%. The expected net profit attributable to the parent company is 495 million yuan, reflecting a growth rate of 23.7% [4][6]. - Revenue and profit projections for 2026 and 2027 are 2.25 billion yuan and 2.83 billion yuan, with corresponding net profits of 627 million yuan and 783 million yuan, maintaining growth rates of 26.5% and 25.0% respectively [4][6]. Business Model and Product Strategy - The company has established a robust product matrix, including key consumer applications like "Scan All-in-One" and "Business Card All-in-One," which have shown significant user engagement and revenue contributions [5][18]. - The B2B segment is transitioning from project-based services to standardized solutions, capitalizing on the demand for AI-driven applications [5][6]. Market Position and Competitive Advantage - The company's OCR technology is a significant barrier to entry, with 18 years of R&D experience leading to industry-leading recognition rates. The integration of AI capabilities enhances its competitive edge [5][40]. - The report argues that the emergence of large models in AI does not threaten the company's OCR technology but rather complements it, allowing for broader application scenarios [5][64]. User Engagement and Growth Potential - The "Scan All-in-One" app has reached 1.3 billion monthly active users, with a paid penetration rate of 5.28% and a VIP renewal rate of 51.62%, indicating strong user retention and growth potential [5][33]. - The company is expanding its overseas market presence, with significant opportunities for user acquisition and revenue growth in international markets [5][6].

Summary of the Conference Call for 合合信息 Company Overview - 合合信息 is a leading company in the field of Optical Character Recognition (OCR) technology, focusing on both consumer (C-end) and business (B-end) products. The main revenue contributors are C-end products such as Scanning King, Business Card King, and Qixinbao, while B-end products include Taxin and commercial big data solutions [2][6][17]. Financial Performance - Revenue growth from 2022 to 2024 is projected at 9.88 billion, 11.87 billion, and 14.38 billion CNY, with net profits of 2.8 billion, 3.2 billion, and 4 billion CNY respectively. For the first three quarters of 2025, revenue reached 13 billion CNY and net profit was 3.51 billion CNY, indicating continuous growth [2][9]. - The gross margin has remained stable at over 84%, increasing to 86.29% in the first half of 2025. The sales expense ratio has slightly increased, while R&D expenses have remained stable and management expenses have decreased [2][11]. Product Performance - Scanning King is the core product, accounting for approximately 60% of total revenue and showing consistent growth. The monthly active users for C-end products reached 170 million, with 7.43 million paying users and an increasing conversion rate [2][12][13][14]. - The company is expanding its product offerings beyond Scanning King to include various applications in education and fitness management, creating a broad product matrix [4]. Market Expansion - The company is actively expanding into overseas markets, with overseas revenue accounting for 30% of total income. The growth in overseas markets, particularly in Brazil and Indonesia, presents significant future potential [2][5]. - The company has seen a 40% year-on-year increase in net cash flow in the third quarter, with expectations for continued high growth in the fourth quarter and into 2026 [5]. B-end Business Development - B-end revenue is expected to grow significantly, with Taxin providing high-precision text recognition services and Qixin Huiyan offering commercial data decision support. B-end revenue for the first half of 2025 grew by 24% year-on-year [3][18]. - The core B-end products include Taxin, which boasts a 99.7% accuracy rate in text recognition, and Qixin Huiyan, which covers 340 million enterprises with over 200 billion real-time data points [19][21]. Future Outlook - Projections for revenue from 2025 to 2027 are 18 billion, 22.4 billion, and 27.7 billion CNY, with net profits of 4.7 billion, 6 billion, and 7.3 billion CNY respectively. The company is expected to maintain a strong growth trajectory with a stable gross margin [3][22]. - The company plans to go public in Hong Kong, which is anticipated to enhance its international brand influence and support overseas business expansion [15][16]. Valuation - As of November 28, the company's price-to-earnings (PE) ratios are 61x for 2025, 41x for 2026, and 39x for 2027, which are relatively lower compared to competitors like Kingsoft Office and Foxit Software. The recommendation remains to maintain a buy rating due to the company's growth potential [23][24].

Core Viewpoint - The company, Shanghai Hehe Information Technology Co., Ltd., is experiencing significant trading activity and financial performance, with a focus on intelligent text recognition and commercial big data services [1][2]. Group 1: Financial Performance - For the period from January to September 2025, the company achieved a revenue of 1.303 billion yuan, representing a year-on-year growth of 24.22% [2]. - The net profit attributable to the parent company for the same period was 351 million yuan, showing a year-on-year increase of 14.55% [2]. - As of September 30, 2025, the company had a total of 13,700 shareholders, an increase of 53.87% compared to the previous period [2]. Group 2: Business Operations - The company's main business segments include intelligent text recognition for C-end products (81.65% of revenue), commercial big data for B-end products and services (9.44%), and other related services [2]. - The company has a high financing balance of 483 million yuan, which accounts for 2.37% of its market capitalization, indicating a strong position in the market [1]. Group 3: Shareholder and Dividend Information - The company has distributed a total of 200 million yuan in dividends since its A-share listing [3]. - Notable changes in institutional holdings include the exit of several funds from the top ten circulating shareholders as of September 30, 2025 [3].

Core Viewpoint - The company, Shanghai Hehe Information Technology Co., Ltd., is experiencing fluctuations in its stock performance and financing activities, with significant growth in revenue and net profit year-on-year, indicating a strong business trajectory despite recent market volatility [1][2]. Financing Activities - On November 20, the company saw a financing buy-in amount of 49.88 million yuan, with a net financing outflow of -18.40 million yuan, indicating a higher level of financing repayment compared to new purchases [1]. - The total financing balance as of November 20 is 533 million yuan, accounting for 2.77% of the circulating market value, which is above the 90th percentile of the past year, suggesting a high level of financing activity [1]. Company Overview - Shanghai Hehe Information was established on August 8, 2006, and is set to be listed on September 26, 2024. The company specializes in intelligent text recognition and commercial big data technologies, serving both C-end users and various B-end clients [2]. - The revenue composition shows that 81.65% comes from C-end products related to intelligent text recognition, while B-end products and services contribute 9.44% and 4.87%, respectively [2]. Financial Performance - For the period from January to September 2025, the company achieved a revenue of 1.303 billion yuan, reflecting a year-on-year growth of 24.22%, while the net profit attributable to shareholders was 351 million yuan, up 14.55% year-on-year [2]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 53.87% to 13,700, with an average of 7,063 circulating shares per person, indicating growing investor interest [2][3]. - The company has distributed a total of 200 million yuan in dividends since its A-share listing [3].