中宏网讯 10月10日上交所网站显示，企查查科技股份有限公司（简称"企查查"）向上交所申报主板IPO 并获受理，保荐机构为中信证券。 作为上交所首个受理的数据服务商申报企业，企查查招股书显示，截至2025年6月末，其累计注册用户 数超过1.5亿，月活跃用户数超8000万；2022年至2024年营业收入从51848.29万元增至70841.27万元，复 合增长率16.89%；盈利能力方面，2022年至2024年扣非净利润由16230.19万元至29765.65万元，复合增 长率35.42%。 本次IPO，企查查拟募集资金150021.40万元分别用于"企查查C端商业大数据产品研发升级项目""企查查 B端商业大数据产品研发升级项目""企查查多维大数据库升级项目""企查查多维大数据库升级项目"，旨 在通过增加设备、专业技术人才、云资源等投入，提升C端会员类产品和B端专业版、数据接口服务等 产品的性能表现，并通过对数据能力和人工智能技术的持续研发，进一步提升技术壁垒，扩大市场份额 和市场影响力。 特别声明：文中提及内容均来源于公开信息，不构成实质性投资建议，据此操作风险自担。 ...

业务数据方面，报告期各期末，企查查产品累计注册用户数分别为8821.51万、1.15亿、1.39亿和1.51 亿，各期付费用户数分别为90.62万、102.14万、104.80万和54.83万（半年度数据），各渠道平均月活跃 用户数分别为6467.64万、7291.54万、8420.75万和8011.25万，ARPPU分别为576.07元、595.46元、 597.41元和624.01元。 从业绩表现方面来看，2022—2024年以及2025年上半年，公司实现营业收入分别约为5.18亿元、6.18亿 元、7.08亿元、3.75亿元；对应实现归属净利润分别约为1.9亿元、2.59亿元、3.17亿元、1.72亿元。报告 期各期，企查查毛利率均处于较高水平。数据显示，报告期各期，公司毛利率分别为87.24%、 88.51%、88.81%和90.74%。 招股书显示，2022年以及2023年，企查查均进行了现金分红，分红金额分别为1亿元、2亿元。 北京商报讯（记者 马换换 王蔓蕾）10月10日，上交所官网显示，企查查科技股份有限公司（以下简 称"企查查"）主板IPO获得受理，公司拟募资15亿元。 据了解，企查查是一家 ...

本次IPO，企查查拟登陆上交所主板，募资15亿元，其中，4.58亿元投资于企查查C端商业大数据产品研发升级项目，1.71亿元投资于企查查B端商业大数据 产品研发升级项目，3.68亿元投资于企查查多维大数据库升级项目，5.03亿元投资于企查查商业大数据人工智能研发项目。 【大河财立方消息】10月10日，企查查科技股份有限公司A股上市材料获上交所受理。 2022年、2023年、2024年及2025年上半年，各期期末企查查产品累计注册用户数分别为8821.51万、11548.20万、13920.53万和15078.92万。 目前，企查查服务于银行、保险、证券、互联网、租赁法律、商务服务、零售、制造等多个行业及政府部门，与众多行业龙头客户达成合作，已覆盖5大国 有银行、12大股份制商业银行、80余家保险公司、50余家证券公司、200余家律所及上百家中国五百强企业等。 2022年、2023年、2024年及2025年上半年，企查查营业收入分别为5.18亿元、6.18亿元、7.08亿元和 3.75亿元，扣除非经常性损益后归属于母公司所有者的 净利润分别为1.62亿元、2.29亿元、2.98亿元和1.61亿元。 本次发行前， ...

9月30日，合合信息涨6.64%，成交额12.62亿元。两融数据显示，当日合合信息获融资买入额1.93亿 元，融资偿还1.44亿元，融资净买入4848.58万元。截至9月30日，合合信息融资融券余额合计5.68亿 元。 机构持仓方面，截止2025年6月30日，合合信息十大流通股东中，泰信中小盘精选混合（290011）位居 第一大流通股东，持股118.00万股，相比上期增加38.50万股。泰信鑫选混合A（001970）位居第三大流 通股东，持股77.00万股，相比上期增加34.00万股。大摩数字经济混合A（017102）位居第四大流通股 东，持股60.65万股，为新进股东。博时上证科创板人工智能ETF发起式联接A（023520）位居第七大流 通股东，持股27.96万股，为新进股东。长城创新驱动混合A（009623）位居第九大流通股东，持股 24.34万股，相比上期增加5.18万股。汇添富科创板2年定开混合（506006）、汇添富科技创新混合A （007355）退出十大流通股东之列。 责任编辑：小浪快报 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 ...

Group 1 - The core business of Shanghai Hehe Information Technology Co., Ltd. includes intelligent text recognition and commercial big data services, with a revenue composition of 81.65% from C-end intelligent text recognition products, 9.44% from B-end commercial big data products and services, 4.87% from B-end intelligent text recognition products and services, 3.48% from C-end commercial big data products, and 0.55% from other sources [2] - As of June 30, 2025, the company achieved an operating income of 843 million yuan, representing a year-on-year growth of 22.51%, and a net profit attributable to shareholders of 235 million yuan, with a year-on-year increase of 6.63% [2] - The company has distributed a total of 200 million yuan in dividends since its A-share listing [3] Group 2 - As of June 30, 2025, the number of shareholders of Hehe Information decreased by 4.82% to 8,894, while the average circulating shares per person increased by 47.08% to 3,148 shares [2] - The top circulating shareholder is Taixin Small and Medium Cap Selected Mixed Fund, holding 1.18 million shares, an increase of 385,000 shares compared to the previous period [3] - New institutional shareholders include Morgan Stanley Digital Economy Mixed Fund, which holds 606,500 shares, and Bosera SSE Sci-Tech Innovation Board Artificial Intelligence ETF, holding 279,600 shares [3]

Core Insights - On September 2, Hohhot Information experienced a decline of 2.55% with a trading volume of 278 million yuan, indicating market volatility [1] - The company reported a financing buy-in of 41.63 million yuan and a financing repayment of 51.58 million yuan, resulting in a net financing outflow of 9.95 million yuan [1] - As of September 2, the total margin balance for Hohhot Information stood at 315 million yuan, accounting for 6.60% of its market capitalization [1] Company Overview - Shanghai Hohhot Information Technology Co., Ltd. was established on August 8, 2006, and is located in Shanghai and Hong Kong [2] - The company specializes in intelligent text recognition and commercial big data technologies, providing digital and intelligent products and services to both C-end users and B-end clients [2] - The revenue composition includes: C-end APP - Scan All (68.31%), commercial big data B-end business (10.41%), internet advertising (9.05%), B-end services (5.21%), commercial big data APP (4.45%), C-end APP - Business Card (1.97%), mobile manufacturer technology licensing (0.37%), and others (0.24%) [2] Financial Performance - For the first half of 2025, Hohhot Information achieved a revenue of 843 million yuan, representing a year-on-year growth of 22.51% [2] - The net profit attributable to the parent company was 235 million yuan, reflecting a year-on-year increase of 6.63% [2] - The company has distributed a total of 200 million yuan in dividends since its A-share listing [3] Shareholder Structure - As of June 30, 2025, the number of shareholders for Hohhot Information was 8,894, a decrease of 4.82% from the previous period [2] - The largest circulating shareholder is Taixin Small and Medium Cap Selected Mixed Fund, holding 1.18 million shares, an increase of 385,000 shares from the previous period [3] - New institutional shareholders include Morgan Stanley Digital Economy Mixed Fund, which holds 606,500 shares, and Bosera SSE Sci-Tech Innovation Board AI ETF, holding 279,600 shares [3]

8月22日，合合信息涨4.23%，成交额4.65亿元。两融数据显示，当日合合信息获融资买入额6713.76万 元，融资偿还7785.73万元，融资净买入-1071.97万元。截至8月22日，合合信息融资融券余额合计3.20 亿元。 机构持仓方面，截止2025年3月31日，合合信息十大流通股东中，泰信中小盘精选混合（290011）位居 第一大流通股东，持股79.50万股，相比上期增加24.53万股。泰信鑫选混合A（001970）位居第三大流 通股东，持股43.00万股，为新进股东。汇添富科创板2年定开混合（506006）位居第五大流通股东，持 股32.43万股，相比上期减少11.91万股。汇添富科技创新混合A（007355）位居第六大流通股东，持股 26.46万股，相比上期增加6.45万股。长城创新驱动混合A（009623）位居第十大流通股东，持股19.16万 股，为新进股东。汇添富数字未来混合A（011399）、富国新兴产业股票A/B（001048）退出十大流通 股东之列。 责任编辑：小浪快报 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 ...

Core Insights - The report highlights that the recent improvement in supply-demand policies is expected to partially reverse the current unfavorable economic situation, driven by increased domestic demand from projects like the Yaxia Hydropower Station and ongoing "anti-involution" policies [4][10] - The cyclical stocks have shown strong performance recently, with the market's expectations for price improvements rapidly increasing, indicating a potential continuation of market valuation support in the short term [4][10] - The report emphasizes that the current market environment is characterized by ample liquidity, which, combined with the low valuation levels of cyclical sectors, has contributed to the rapid upward movement of these stocks [4][10] Stock Recommendations - The August stock selection includes: SF Express (transportation), Satellite Chemical (chemicals), Anji Technology (chemicals), Heng Rui Medicine (pharmaceuticals), Bairen Medical (pharmaceuticals), Beijing Renli (services), Feiliwa (electronics), Industrial Fulian (electronics), Pengding Holdings (electronics), and Hehe Information (computers) [10][11] - The report notes that the July stock selection achieved an absolute return of 9.64%, outperforming the market benchmark (CSI 300) by 6.10 percentage points, with individual stocks like Jitu Express-W and Shenghong Technology yielding returns of 57.23% and 42.94%, respectively [6][10] Industry Analysis Transportation Sector - SF Express reported a steady growth in Q1 2025, with a net profit of 2.234 billion yuan, a year-on-year increase of 16.87%, driven by an improved product matrix and service competitiveness [12][13] Chemical Sector - Satellite Chemical achieved a record high net profit in Q4 2024, benefiting from stable raw material prices and increased sales margins, with a sales gross margin of 27.11% [14][15] - Anji Technology experienced rapid revenue growth in 2024, with a gross margin of 58.45%, attributed to market expansion and product diversification [17][18] Pharmaceutical Sector - Heng Rui Medicine's overseas licensing agreements have contributed to significant revenue growth, with Q4 2024 net profit increasing by 107.20% year-on-year [20][21] - Bairen Medical's revenue growth was driven by the successful launch of its first interventional valve product, which significantly boosted its performance in 2024 [22][23] Service Sector - Beijing Renli has a strong market presence in the human resources industry, with a broad service offering and a robust client base, positioning it for continued growth [25][26] Electronics Sector - Feiliwa is expanding its production capacity in quartz fiber cloth, targeting the growing demand in the PCB market, with a projected CAGR of 12% from 2024 to 2029 [27][28] - Industrial Fulian's cloud computing business has shown significant growth, with revenue from AI servers increasing by over 150% [31][32] - Pengding Holdings is expected to achieve steady revenue and profit growth in the first half of 2025, driven by cost control and product structure optimization [33][34]

Core Viewpoint - The company, Hehe Information, known for its "Scan All-in-One" app, has submitted an IPO application to the Hong Kong Stock Exchange after less than a year of its listing on the STAR Market, raising concerns due to previous fundraising shortfalls and project delays [2][3][5]. Group 1: Company Overview - Hehe Information is an AI and big data technology enterprise that provides digital and intelligent products and services to global C-end users and diverse B-end clients [3]. - The company's C-end business includes major apps like Scan All-in-One, Business Card All-in-One, and Qixinbao, while its B-end services focus on cost reduction, risk management, and opportunity exploration [3]. Group 2: Financial Performance - Revenue growth from 2022 to 2024 shows a consistent upward trend: 2022 revenue was 989 million RMB, increasing to 1.187 billion RMB in 2023 (20% growth), and projected to reach 1.438 billion RMB in 2024 (21.2% growth), resulting in a three-year compound growth rate of 20.6% [5]. - Net profit also increased during the same period: from 284 million RMB in 2022 to 323 million RMB in 2023 (14% growth), and expected to rise to 401 million RMB in 2024 (24% growth), with a three-year compound growth rate of 18.8% [5]. Group 3: IPO and Fundraising - Hehe Information's IPO on the STAR Market raised 1.38 billion RMB, but the actual amount was lower than planned, leading to adjustments in the allocation of raised funds [7][10]. - The company adjusted its planned investment from 1.49 billion RMB to 1.27 billion RMB for various projects, including AI and big data product development [10][11]. Group 4: Project Delays - Several fundraising projects have been delayed, with the timeline for completion extended due to macroeconomic factors and the fast-paced nature of the software industry [12][13]. - Key projects originally scheduled for completion by December 2024 have been postponed to 2026, reflecting the need for more thorough market research and user demand analysis [13]. Group 5: Risk and Compliance - The company acknowledges potential risks associated with user data protection and the rapid development of AI technology, emphasizing compliance with data protection laws and the implementation of relevant policies [15]. - The funds raised from the IPO will be allocated to the development of cutting-edge AI technologies, product development, and the establishment of global operational and marketing networks [15].

Key Insights - The report highlights a selection of stocks for May, including companies like SF Holding, Jitu Express, and Guizhou Moutai, indicating potential investment opportunities in various sectors [1] - The report emphasizes the need for the power equipment industry to adapt to the increasing demand for grid expansion and upgrades due to the rise of new energy installations and data centers [7][8] - The report notes that the AI text recognition and commercial big data sectors are experiencing growth, with companies like Hehe Information positioned to benefit from increasing user demand and favorable policies [11][13] Group 1: Power Equipment Industry - The global power system is facing new challenges, necessitating upgrades and expansions in the grid to accommodate rising electricity demand from new energy sources and emerging technologies [7] - The report anticipates significant investment in high-voltage transmission lines, with over 20 new lines expected to be operational by 2025, which will drive demand for related equipment [8] - The domestic and international push for distribution network upgrades is expected to increase transformer demand, with China holding a 35% share of global transformer production [9] Group 2: AI and Big Data Sector - Hehe Information is recognized as a leading player in AI text recognition, with a strong C-end user base and a growing market presence, particularly in the commercial big data space [11][12] - The company has seen consistent revenue growth, with a projected annual compound growth rate of 16.5% in the smart text recognition service market from 2023 to 2030 [12] - The synergy between B-end and C-end services is expected to enhance the company's competitive edge, with a focus on expanding into overseas markets [13] Group 3: Wind Power Industry - The report indicates that Haile Wind Power is positioned to benefit from the gradual release of offshore wind installation demand, despite facing challenges in 2024 due to project delays [19][21] - The company reported a significant revenue increase of 251.5% year-on-year in Q1 2025, reflecting improved performance as offshore projects commence [21] - The report highlights the company's robust production capacity and ongoing expansion plans, which are expected to support future growth in the offshore wind sector [21]