Core Viewpoint - The company Hehe Information (688615.SH) is seeking to expand its capital layout by applying for a listing on the Hong Kong Stock Exchange after less than a year on the STAR Market, despite facing challenges in its business model and compliance risks related to data governance [1]. Group 1: Business Performance - Hehe Information's revenue model integrates commercial data with document recognition data, providing services to both individual and enterprise clients through various applications and solutions [2]. - The company's revenue for 2022, 2023, and 2024 is projected to be 988 million yuan, 1.187 billion yuan, and 1.438 billion yuan respectively, with a net profit of 284 million yuan, 323 million yuan, and 400 million yuan [2]. - The overall gross margin has consistently remained above 84%, with C-end products achieving nearly 90% gross margin and B-end products above 60% [2]. Group 2: Revenue Sources - The majority of revenue is derived from the "Scan All" product, which accounted for 72.3%, 76.2%, and 77.3% of total revenue from 2022 to 2024, increasing to 80.6% in the first three quarters of 2025 [3]. - The revenue contribution from the "Business Card" product has remained low, while the "Qixinbao" product's revenue share has declined from 7.8% in 2022 to 3.4% in 2025 [3]. Group 3: Financial Health - As of the third quarter of 2025, the company holds financial assets valued at 1.879 billion yuan, indicating a strong cash position [5]. - The company has a dividend payout ratio close to 50%, having distributed 200 million yuan in cash dividends for the 2024 fiscal year [5]. Group 4: Compliance and Regulatory Challenges - The company faces significant compliance challenges due to varying data protection regulations across different countries, which complicates its global operations [5]. - There have been complaints regarding the "Qixinbao" product, highlighting potential issues with data handling and customer service [6]. - The company was fined 115,500 yuan by the People's Bank of China for failing to report required information regarding its credit reporting products, reflecting compliance risks in its operations [7]. Group 5: Research and Development - The company plans to use funds raised from the Hong Kong listing to enhance R&D capabilities and pursue potential acquisitions, although its R&D expense ratio has decreased from 28.3% in 2022 to 25.4% in 2025 [5]. - The company is currently in the process of developing new products to reduce reliance on its flagship offerings [3].
面临数据治理难题 “不差钱”的合合信息拟赴港融资