Core Viewpoint - The report from Zhongyou Securities indicates that Hehe Information's revenue growth accelerated in Q3 2025, with increased investment in sales and R&D, and AI is driving the commercialization of its C-end business overseas [1] Group 1: Revenue Growth and Business Development - Hehe Information's C-end business has made significant breakthroughs overseas, supported by enhanced R&D and sales efforts [1] - The company plans to conduct an IPO in Hong Kong in June 2025, which is expected to further improve product performance and facilitate effective promotion in overseas markets [1] Group 2: Market Dynamics and User Structure - The company benefits from AI integration, leading to steady growth in its B-end business [1] - The current user structure shows a dominance of overseas monthly active users while domestic revenue remains the primary source [1] - Future growth in overseas markets is anticipated to accelerate user payment conversion through AI-driven upgrades and targeted marketing [1]
研报掘金丨中邮证券：合合信息收入逐季加速，AI加速海外商业化