[Table_Title] 证券研究报告/公司深度报告 扫描全能王在月活用户规模、品牌知名度、用户口碑等方面具备先发优势。（1） 平均月活：扫描全能王 2023 年平均月活为 1.45 亿，远高于其他竞品（4-6624 万）；（2）用户体验：AppStore 上的 iOS 中国区评分为 4.9，iOS 美国区评分也 为 4.9，合计评分个数超 600 万，远远超过竞品 APP（2.6-123.6 万）；（3）品 牌知名度：用户在 APPStore 中更多的是直接搜"扫描全能王"，而非"扫描"等功 能词，说明用户角度扫描全能王就是扫描的代名词。 公司具备持续创新和产品化能力。1)创始人及核心团队均相关领域技术人员出 身，拥有领域内领先的学术资源，公司在 OCR-STR-模式识别赛道未来仍大有可 为；2)研发人员比例高，持续创新寻找新场景下的应用落地(如蜜蜂试卷、大模 型数据清洗等)，产品矩阵有望进一步拓宽。 海外市场空间广阔。23 年国内市场付费用户渗透率 0.53%，但在巴西、印尼、 墨西哥仅为 0.11%、0.08%、0.07%，我们预计随新兴国家数字化水平提升，对移 动办公、文档扫描的需求和付费意愿有望进 ...

在2026年格隆汇"金格奖"评选中，上海合合信息科技股份有限公司（股票代码：688615）一举斩获"年 度卓越人工智能应用企业"奖。这家成立于2006年的AI产品企业，凭借其核心产品扫描全能王、名片全 能王和启信宝，在全球范围内积累了亿级用户，成为资本市场中少数兼具技术深度与商业变现能力的 AI公司之一。 在AI叙事里，最不缺的是"模型"、"平台"、"生态"，最稀缺的反而是可持续落地的应用层企业——它们 把AI能力沉淀为可持续迭代的产品，形成稳定的付费与现金流，并且可以在全球市场复用增长逻辑。 本次获奖背后，是公司智能文字识别技术的长期积淀、稳健的财务表现以及清晰的AI驱动战略。 一、技术基石：智能文字识别的深度赋能 这些技术最终沉淀为可产品化的能力。一方面，通过扫描全能王、名片全能王等C端产品触达全球消费 级用户。截至2025年9月30日，公司主要C端产品月活跃用户数达1.89亿，累计付费用户数达926.98万， 同比增长35.18%。扫描全能王在App Store效率类应用下载榜中长期位居前列，其付费版更位列第一。 另一方面，公司赋能B端客户数字化转型。据悉，B端产品已覆盖近30个行业场景，且能针对不同行 ...

智通财经获悉，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。 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。 财务资料 收入 于2022年度、2023年度、2024年度、2025年截至9月30日止九个月，公司实现收入分别约为9.88亿元(人 民币，下同)、11.87亿元、14.38亿元、13.03亿元。 毛利及毛利率 于2022年度、2023 ...

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 ...

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。 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，且是一款已上线超过15年、MAU超过1亿且2022年 至2024年收入复合年增长率超过20%的长期上榜并稳定增长的APP，而全球范围内取得该成就的APP不超过五款。 名片全能王曾在Apple App Store上41个国家和地区的商务类免费应用下载量排行榜位列第一。2024年，合合信息推出在线数字名片功能，进一步探索全球数 字名片市场。近年来，公司持续以AI技术赋能产品，推出了包括AI精准识别、AI名片洞察等创新功能。 合合信息于2015年推出启信宝 App。基于公司内部的DIKI治理框架，打造了从数据匯聚到智能决策的完整价值链；凭借公司的数据挖掘及数据分析能力以 及NLP、知识图 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [33]. Core Insights - The company has shown accelerating revenue growth in 2025, with year-on-year growth rates of 20.94%, 23.93%, and 27.49% in the first three quarters, respectively [2]. - The net profit for the first three quarters of 2025 reached 351 million yuan, representing a year-on-year increase of 14.55% [2]. - Key products, such as "Scanner King" and "Business Card King," have demonstrated significant growth, with increases of 27.4%, 25.3%, and 32.4% in the first three quarters [2]. - The company has maintained a technological leadership in the text recognition field for over 18 years, leveraging AI technologies to enhance product capabilities [6]. - The C-end products align with the trends of digitalization and mobile office, fostering strong user engagement through document classification and storage [6]. - The company has a revenue structure primarily driven by C-end products, with "Scanner King" accounting for 68% of revenue in 2024 [6]. - The continuous improvement in AI model capabilities is expected to accelerate the application of AI, benefiting the company as a C-end focused AI application enterprise [6]. - The C-end product payment rate increased from 4.05% in Q4 2023 to 4.90% in Q3 2025, with cumulative paid users reaching approximately 9.27 million, a year-on-year growth of 35.18% [6]. - The company submitted a listing application for the Hong Kong stock market in June 2025, aiming to enhance business development through financing [8]. - A stock incentive plan was introduced in September 2025, reflecting positive growth expectations [8]. - The gross profit margin for the first three quarters of 2025 was 86.4%, an increase of 2 percentage points compared to the same period in 2024 [8]. - The company has experienced a steady increase in contract liabilities, reaching 557 million yuan in Q3 2025, indicating a solid order backlog [8]. - The report forecasts EPS for 2025, 2026, and 2027 to be 3.08 yuan, 3.82 yuan, and 4.85 yuan, respectively, with corresponding P/E ratios of 69.41, 55.95, and 44.04 based on the closing price of 213.59 yuan on December 23 [8].

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, Hehe Information, is a leading enterprise in text recognition, leveraging its core OCR technology to achieve stable and sustainable growth in the AI and big data industry [1][2]. Group 1: Company Overview - Hehe Information has developed into an industry leader in AI and big data, primarily driven by its intelligent text recognition technology [1]. - The company’s revenue is projected to grow from 988 million yuan in 2022 to 1.438 billion yuan in 2024, with year-on-year growth rates of 22.67%, 20.04%, and 21.21% respectively [1]. - The net profit attributable to shareholders is expected to increase from 284 million yuan in 2022 to 401 million yuan in 2024, with growth rates of 96.37%, 13.91%, and 23.93% respectively [1]. Group 2: C-end Business - The C-end business boasts a large user base with strong engagement and significant growth potential, having 181 million monthly active users and 8.5255 million paying users as of the first half of 2025 [1]. - The main revenue source from C-end products is the "Scan All-in-One" app, which holds a leading global market share, while "Business Card All-in-One" and "Qixinbao" also contribute to brand recognition and commercial big data efforts [1][2]. - The C-end segment benefits from continuous technological leadership and strategic positioning in various application scenarios, with substantial growth opportunities in overseas markets where current revenue contribution is relatively low [1]. Group 3: B-end Business - The B-end business focuses on intelligent text recognition and commercial big data, with a dual approach to drive growth [2]. - The company has developed the TextIn platform, which offers a comprehensive suite of intelligent document solutions, including general text recognition and specialized identification services [2]. - The commercial big data segment provides enterprise data APIs and databases, with a key product, Qixin Huayan, aimed at facilitating data-driven decision-making for businesses [2].