上证报中国证券网讯（记者 胡嘉树）近日，合合信息集中发布了一系列基于多模态大模型的创新产品，涵盖AI教育、健康管理、基础设施及智能体应用等 多个领域，展示了文本智能技术在不同场景下深度落地的解决方案。 当前，人工智能产业进入"落地为王"的新阶段，合合信息通过其产品矩阵的更新，响应了市场对技术与场景紧密结合的需求。在通用文档处理方面，旗下扫 描全能王推出了"CS-AI一站式智能化文档解决方案"，该方案不仅实现了文档影像的数字化，更提供了涵盖扫描、阅读、编辑与学习的全周期智能服务。它 能够自动修复图像质量，并对文档进行智能重排与排版优化，凭借在文档解析与版面还原领域的技术积累，有望在跨境电商、专业翻译等海外市场获得广泛 应用。 来源：上海证券报·中国证券网 扫描全能王"CS-AI一站式智能化文档解决方案"功能一览 同时，公司将AI能力拓展至教育及健康等垂直场景。面向教育市场，合合信息推出了能够智能识别手写体试卷的AI错题管理工具"蜜蜂试卷"及其海外 版"QuizAI"。这些工具不仅提供自动批改功能，还可根据错题生成拓展练习，实现"举一反三"的个性化学习。在健康领域，新推出的AI饮食助 手"Appediet"允许用 ...

随着人工智能产业进入"落地为王"的新阶段，AI技术与多元化场景的融合成为行业焦点。近期，上海合合 信息科技股份有限公司(简称：合合信息，股票代码：688615.SH)集中发布了系列基于多模态大模型的创新 产品，覆盖AI教育、AI健康管理、AI Infra(AI 基础设施)、AI Agent应用等多个领域，展现了文本智能技术 与垂直场景结合的创新潜力，为AI商业化落地提供了新思路。 解锁文档服务、教育、健康管理"AI玩法" 当前，AI大模型发展正从通用能力向行业纵深落地演进，在通用文档处理领域，合合信息旗下产品扫描全 能王推出"CS-AI一站式智能化文档解决方案"，实现从影像数字化向文档全周期智能服务升级。CS-AI覆盖 了扫描、阅读、编辑和学习等核心场景，可自动修复图像质量问题，实现智能重排文档、优化排版。据扫 描全能王产品团队介绍，依托在文档解析、版面还原上的技术优势，CS-AI预计将在跨境电商、出境游、专 业文档翻译等市场中展现强劲的出海潜力。 图说：扫描全能王 "CS-AI 一站式智能化文档解决方案 " 功能一览 依托多模态大模型文本智能技术，合合信息将AI能力拓展至教育、健康等垂直场景，将"千人千面" ...

据港交所官网信息，自2025年6月26日首次递表且时隔半年失效后，A股上市公司合合信息 （SH688615，股价246.20元，市值344.68亿元）日前再度向港交所递交IPO（首次公开募股）申请文 件，中金公司（601995）为其独家保荐人。 招股书显示，合合信息拟将此次港股IPO募集资金用于未来3至4年提升研发能力和业务拓展、潜在的战 略投资和并购，以及营运资金及一般公司用途。 《每日经济新闻》记者注意到，虽然合合信息称其已成为全球文本智能技术领域的领军者，但2022年至 2025年前三季度，合合信息的主要收入来自图像文本处理产品——扫描全能王；2025年前三季度，该产 品贡献超过80%的收入。此外，在行业内公司虽为"中国第一、全球第五"，但其市场份额仅为2.5%，与 第一名26.8%的市场份额相差甚远。 主要收入来自C端产品 合合信息是一家AI（人工智能）产品公司，向全球亿级用户及多元化行业企业客户提供产品。公司 称，其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。目前，合合信息的业务已 覆盖全球 ...

受益于AI 加持，B 端业务实现稳健增长 2025Q3，公司智能识别文字B 端业务实现营收2060.06 万元，同比+19.64%，主要系Textin 及旗下AI Agent 产品DocFlow 等收入提升，推动智能文字识别B 端业务持续增长；公司商业大数据B 端业务实现 营收3856.28 万元，同比+10.52%，主要系启信慧眼持续丰富AI模块，拓展应用场景，优化使用效率与 用户体验，推动商业大数据B端业务稳定增长。 事件 公司25Q3 收入增长加速。2025 年前三季度，公司实现营收13.03亿元，同比+24.22%；归母净利润3.51 亿元，同比+14.55%。单Q3，公司实现营收4.60 亿元，同比+27.49%（25Q1、Q2 同比+20.93%、 23.94%）；归母净利润9813.89 万元，同比+33.97%。 加大销售与研发力度，AI 赋能C 端海外加速商业化2025 年前三季度，公司销售费用率、管理费用率、 研发费用率分别为31.81%、4.69%、25.40%，同比+2.83pct、-0.50pct、+0.06pct。 研发与销售保障下，公司智能文字识别C 端业务在海外取得突破性进展。 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2]. Core Insights - The company has accelerated revenue growth in Q3 2025, achieving a total revenue of 1.303 billion yuan for the first three quarters, representing a year-on-year increase of 24.22%. The net profit attributable to the parent company reached 351 million yuan, up 14.55% year-on-year. In Q3 alone, revenue was 460 million yuan, reflecting a 27.49% year-on-year growth [5][6]. - The company is increasing its sales and R&D efforts, with a notable 32.40% year-on-year growth in its C-end intelligent text recognition business, driven by product innovation and enhanced user experience [6]. - The B-end business also showed robust growth, with revenue from intelligent text recognition reaching 20.6 million yuan, up 19.64% year-on-year, and commercial big data revenue at 38.56 million yuan, increasing by 10.52% year-on-year [7]. Financial Performance Summary - For 2025-2027, the company is projected to achieve revenues of 1.813 billion, 2.373 billion, and 2.852 billion yuan, with year-on-year growth rates of 26.08%, 30.90%, and 20.15% respectively. The net profit attributable to the parent company is expected to be 481 million, 597 million, and 746 million yuan, with growth rates of 20.20%, 23.95%, and 24.96% respectively [8][10]. - The company’s financial metrics indicate a P/E ratio of 64.56 for 2025, decreasing to 41.68 by 2027, suggesting improving valuation over time [10][13]. User Growth and Market Expansion - As of September 30, 2025, the company reported 189 million monthly active users, a 12.50% increase year-on-year, indicating strong user engagement and growth potential [6]. - The company plans to leverage its AI capabilities to enhance overseas market penetration, which is expected to accelerate user conversion and revenue growth [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].

Group 1 - The report emphasizes that the Chinese stock market is entering a favorable zone, with a significant opportunity for investment in the upcoming months due to a convergence of policy, liquidity, and fundamentals [12][14][13] - The report identifies key sectors to focus on, including technology, financial services, and consumer goods, suggesting a strategic shift towards more aggressive investment positions [14][12] - The anticipated growth in the Chinese capital market is supported by a reduction in previous valuation discounts, with expectations of double-digit profit growth in the non-financial sector by 2026 [13][12] Group 2 - In the technology sector, companies like Tencent and Alibaba are highlighted for their robust revenue and profit growth, driven by advancements in AI and cloud services [20][24] - The electronics industry is seeing accelerated demand for domestic AI solutions, with companies like Haiguang Information benefiting from this trend [32][8] - The communication sector is expected to thrive due to increased capital expenditure on AI infrastructure, with significant growth anticipated in light communication technologies [39][40] Group 3 - The machinery sector is experiencing growth, with companies like Changying Precision and Hengli Hydraulic showing improved profitability and market positioning [6][8] - The automotive industry, particularly Weichai Power, is noted for steady revenue and performance improvements, indicating a positive outlook [6][8] - The healthcare sector, with a focus on innovative pharmaceuticals, is recommended for investment, particularly in companies like Ying'en Bio [6][8] Group 4 - The consumer sector is poised for recovery after a three-year adjustment period, with low valuations and potential policy support creating structural opportunities [14][12] - Companies in the retail and food & beverage sectors, such as Shoulu Hotel and Yanjing Beer, are highlighted for their improving performance metrics [6][8] - The financial sector, particularly non-bank financial institutions like Huatai Securities and China Ping An, is expected to benefit from market reforms and improved profitability [6][8]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][19]. Core Insights - The company has demonstrated accelerated revenue growth, driven by AI empowerment and globalization, with a 24.22% year-on-year increase in revenue for the first three quarters of 2025, reaching 1.303 billion yuan [2]. - The net profit attributable to shareholders for the same period grew by 14.55% year-on-year, amounting to 351 million yuan [2]. - In Q3 2025 alone, the company achieved a revenue of 460 million yuan, reflecting a 27.49% year-on-year growth, and a net profit of 116 million yuan, up 34.93% year-on-year [2]. Financial Performance Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 1,438 million yuan, 1,783 million yuan, 2,201 million yuan, and 2,704 million yuan respectively, with year-on-year growth rates of 21.2%, 24.0%, 23.5%, and 22.8% [4]. - The net profit attributable to shareholders is forecasted to be 401 million yuan, 502 million yuan, 609 million yuan, and 733 million yuan for the same years, with growth rates of 23.9%, 25.2%, 21.5%, and 20.2% respectively [4]. - The earnings per share (EPS) are projected to be 2.86 yuan, 3.58 yuan, 4.35 yuan, and 5.23 yuan for 2024A, 2025E, 2026E, and 2027E respectively [4]. Business Segment Performance - The C-end business, particularly the intelligent text recognition products, saw a revenue of 385 million yuan in Q3, marking a 32.40% year-on-year increase, driven by an increase in active users and paid users [8]. - The B-end business also showed steady growth, with Q3 revenue from B-end products reaching 20.6 million yuan, a 19.64% year-on-year increase [8]. - The company is enhancing its overseas market capabilities and user experience, which is expected to further strengthen its brand recognition and long-term growth potential [8]. Investment Recommendations - The report suggests that the company's technological and product capabilities are building a competitive moat, with continuous improvements in AI capabilities [8]. - The target price for the company is set at 239 yuan, based on a projected market capitalization of 33.5 billion yuan, applying a 55x PE ratio for 2026 [4][8].