Core Viewpoint - Company Hohhot Information is expanding its market presence by applying for a listing on the Hong Kong Stock Exchange after successfully launching on the Shanghai Stock Exchange's Sci-Tech Innovation Board in September 2022. The company's flagship product, "Scan All-in-One," has significantly contributed to its revenue growth and market position in the AI sector [1][2][11]. Financial Performance - The total revenue of Hohhot Information for the years 2022 to 2024 is projected to be RMB 988.46 million, RMB 1.186 billion, and RMB 1.438 billion respectively. In Q1 2023, the revenue reached RMB 395 million, marking a 20% increase from RMB 327 million in the same period last year [2][5]. - The revenue contribution from the "Scan All-in-One" product is expected to rise from 72.3% in 2022 to 81.1% in Q1 2024, indicating its dominance in the company's product lineup [1][3]. Product Breakdown - The revenue from C-end products, including "Scan All-in-One," "Business Card All-in-One," and "Qixinbao," accounted for 82.2%, 84.3%, and 83.8% of total revenue from 2022 to 2024. In Q1 2023, this segment's contribution increased to 86.6% [3][5]. - The "Scan All-in-One" product's revenue is projected to grow from RMB 714.57 million in 2022 to RMB 1.112 billion in 2024, while the "Business Card All-in-One" and "Qixinbao" products have shown mixed performance [3][5]. Market Position and Competitive Advantage - Hohhot Information ranks first in China and fifth globally in terms of revenue from C-end efficiency AI products with over 100 million monthly active users [1][2]. - The company has leveraged advancements in AI, particularly in optical character recognition (OCR) technology, achieving a character recognition rate of 81.9% in complex scenarios, which is significantly higher than competitors [7][8]. Future Growth Potential - The company plans to enhance its product offerings by developing new features such as RPA (Robotic Process Automation) and expanding its global market presence, particularly in emerging markets like Brazil, Indonesia, and Mexico, where the conversion rate is currently below one-fourth of that in China [10][11]. - Hohhot Information aims to establish a global technical support center and expand its marketing network to improve brand influence and customer service [10].

Core Viewpoint - The company, Shanghai Hehe Information Technology, is aiming to become the "first stock of intelligent text recognition" in Hong Kong, following its previous listing on the A-share Sci-Tech Innovation Board. The company has shown significant growth in revenue and user engagement, positioning itself as a leader in the AI sector with a focus on text intelligence technology [2][3][4]. Financial Performance - In 2024, the company reported a revenue of 1.438 billion RMB, a net profit of 400 million RMB, and a gross margin of 84.3% [4][25]. - The revenue growth from 2022 to 2024 was approximately 21% CAGR, with revenues of 989 million RMB, 1.187 billion RMB, and 1.438 billion RMB respectively [25]. - The C-end business accounted for a significant portion of total revenue, with contributions of 82.2%, 84.3%, and 83.8% from 2022 to 2024 [27]. User Engagement - The monthly active users (MAU) for C-end products reached 171 million in 2024, with a paid user ratio of 4.3% [21]. - The company ranks first in China and fifth globally among efficiency AI companies with MAU exceeding 100 million [21][22]. Product Portfolio - The company offers a range of products targeting both C-end and B-end markets, including "Scan All-in-One" and "Business Card All-in-One" for C-end, and "TextIn" and "Qixin Huayan" for B-end [8][12]. - The core technology is based on multi-modal text intelligence, which enhances efficiency in various applications [14][15]. Market Position - The company is positioned as a leading AI firm with a focus on text recognition and processing, competing with major players like OpenAI, Google, Adobe, and Microsoft [5][6][21]. - The global AI product market is projected to grow significantly, with estimates of 46.5 billion USD in 2024 and 228 billion USD by 2029, indicating a robust growth trajectory for the industry [66]. Research and Development - The company has been increasing its R&D investment, with expenditures of 280 million RMB, 323 million RMB, and 390 million RMB from 2022 to 2024, representing about 27% of total revenue [33]. - The workforce consists of 1,053 employees, with 60.6% in R&D roles, highlighting the company's commitment to innovation [35]. Future Plans - The funds raised from the Hong Kong listing will primarily be used for R&D, international expansion, and exploring investment and acquisition opportunities [50].

Core Viewpoint - Shanghai Hehe Information Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CICC as the sole sponsor, highlighting its flagship product, CamScanner, as the largest image-based text processing AI product globally [1][5]. Company Overview - Hehe Information is a leading global AI product company, dedicated to innovation through AI technology, serving over a billion users and diverse industry clients across more than 200 countries and regions [5][6]. - The company ranks first in China and fifth globally in terms of revenue among AI products with over 100 million monthly active users, maintaining strong growth [5]. Product Portfolio - Hehe Information offers a comprehensive product suite for both C-end users and B-end clients, including popular C-end products like CamScanner, Business Card Scanner, and Qixinbao [5]. - The B-end product lines include TextIn for intelligent text processing and Qixin Huayan for business data intelligence [6]. Market Position - The flagship product, CamScanner, has consistently ranked first in the free efficiency app download charts on the Apple App Store in 84 countries since 2013, while Business Card Scanner has topped the free business app charts in 41 countries [7]. - Hehe Information is one of the few AI-native companies with a substantial user base both in China and globally, holding a significant market share in efficiency AI products [7]. Financial Performance - The company reported revenues of approximately RMB 988 million, RMB 1.187 billion, RMB 1.438 billion, and RMB 395 million for the years ending March 31, 2022, 2023, 2024, and the first quarter of 2025, respectively [8]. - Corresponding net profits for the same periods were approximately RMB 284 million, RMB 323 million, RMB 401 million, and RMB 116 million [8].

Core Viewpoint - The B-end big data industry, particularly in the commercial inquiry sector, is becoming a significant force in the business landscape, driven by strong policy support and the need for digital transformation among enterprises [1][2][3] Group 1: Policy Support and Market Development - The national support for the digital economy and the regulation of the data factor market have created a favorable environment for the development of the B-end commercial inquiry industry [1] - Since 2021, various regions such as Beijing, Shanghai, Shenzhen, and Guizhou have established new types of data exchanges, leading to a rapid increase in transaction volumes and the number of data products listed [1] - The data factor market is entering a new stage of development characterized by a shift from quantity to quality, with local governments promoting the integration and utilization of public and social data [1] Group 2: Market Demand and Technological Integration - Enterprises are facing the need for digital transformation, with B-end commercial inquiry services providing essential information support that integrates deeply with various digital systems and business processes [2] - In the financial sector, big data commercial inquiry tools enable banks to efficiently screen quality clients and reduce non-performing loan rates [2] - The commercial big data B-end business relies on advanced technologies such as large-scale dynamic knowledge graph construction and inference, which present significant technical barriers [2] Group 3: Industry Evolution and Future Outlook - The commercial inquiry industry is transitioning from being an "information intermediary" to an "intelligent decision-making platform," driven by technology, regulatory compliance, and global ecological strategies [3] - Continuous technological advancements and market expansion are expected to lead the B-end big data industry to a more prosperous future, supporting stable enterprise development and economic growth [3]