2026 年 03 月 25 日 公司点评 买入/维持 合合信息(688615) 昨收盘:171.30 BC 端双轮驱动，海外布局持续深化 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 合合信息 沪深300 ◼ 股票数据 B 端产品与 AI 深度融合。2025 年公司 B 端产品实现收入 2.57 亿元， 同比增长 14.56%。公司发布了 AI Infra 产品 xParse，通过 AI 赋能企业 非结构化通用文档数据挖掘，释放数据价值，既可以加强大模型训练效果， 也可以大幅提升 AI Agent 在企业合规风险管理等场景的应用效果。此外， 在 TextIn 的 AI 产品线中上线 INTSIG Docflow，定位为具备自主进化能 力的文档处理 Agent。TextIn 已成功赋能制造、物流、金融等跨行业的 千余家客户，实现文档处理效率的大幅提升。 海外布局持续深化，收入增长强劲。公司持续推进海外商业化布局， C 端核心产品目前已覆盖了全球百余个国家和地区的亿级用户。2025 年 公司海外业务收入占比约 1/3，同比增长 34.11%。据 data ai 数据，扫描 全能王免费版曾在 ...

Core Insights - The artificial intelligence industry is entering a new phase characterized by the deep integration of technology and diverse scenarios, which is becoming the core competitive advantage of the industry [1] - Shanghai Hehe Information Technology Co., Ltd. has launched a series of innovative products based on multimodal large models, covering AI education, AI health management, AI infrastructure, and AI agent applications, providing practical pathways for AI commercialization [1] Group 1: Document Solutions - The company has introduced the "CS-AI One-stop Intelligent Document Solution," which spans the entire document lifecycle from image digitization to intelligent services, addressing core scenarios such as scanning, reading, editing, and learning [2] - This solution can automatically repair image quality issues and optimize document layout, showcasing strong potential in cross-border e-commerce, outbound tourism, and professional document translation [2] Group 2: Education and Health Applications - In the education sector, the company has launched two AI learning management tools, "Bee Exam" and "QuizAI," which can intelligently recognize handwritten test papers and provide grading and interactive learning features [2] - The health sector features the AI dietary health assistant Appediet, which identifies food nutritional components through photos and generates calorie reports, customizing dietary plans based on user health data [2] Group 3: AI Infrastructure and Enterprise Solutions - The company is addressing enterprise market pain points by building an AI infrastructure and intelligent agent product system to reshape data processing workflows [3] - IDC predicts a compound annual growth rate of 24.4% in global data volume from 2023 to 2028, reaching 393.8 ZB by 2028, highlighting the need for effective data management solutions [3] - The TextIn product line has launched the AI infrastructure product xParse, which empowers unstructured data mining for knowledge base construction and compliance risk control [3] - The Agentic AI product INTSIG Docflow acts as a "digital employee" to parse, review, and transfer complex documents, optimizing core business processes [3] - The company’s AI-native applications, such as "AI Intelligent Sourcing," have improved customer acquisition efficiency by over 30%, while "AI Admission Due Diligence" and "AI Relationship Insights" assist in supplier screening and risk management [3]

Core Insights - The article highlights the transition of the AI industry into a "landing is king" phase, focusing on the integration of AI technology with diverse scenarios, particularly through the innovative products launched by Shanghai Hehe Information Technology Co., Ltd. (stock code: 688615.SH) [1][10] Group 1: AI Product Innovations - Hehe Information has released a series of innovative products based on multi-modal large models, covering areas such as AI education, AI health management, AI infrastructure, and AI agent applications, showcasing the potential for commercializing AI technology [1][10] - The "CS-AI One-stop Intelligent Document Solution" launched by Hehe Information's product "Scan All-in-One" upgrades from image digitization to full-cycle intelligent document services, expected to show strong overseas potential in markets like cross-border e-commerce and professional document translation [2][11] Group 2: AI in Education and Health - In the education sector, Hehe Information has introduced AI tools like "Bee Exam" and "QuizAI," which can intelligently recognize handwritten test papers and provide interactive learning features, enabling personalized education [4][13] - The health sector sees the launch of the AI dietary health assistant Appediet, which allows users to identify food nutritional components through photos and generate personalized dietary plans and health reports [4][15] Group 3: AI Infrastructure and Data Processing - The rise of Agentic AI is pushing AI infrastructure to a critical position, with high-quality data being essential for its effectiveness. IDC predicts global data volume will reach 393.8ZB by 2028, with a compound annual growth rate of 24.4% from 2023 to 2028 [6][17] - Hehe Information's enterprise-level AI product line, TextIn, has launched the AI infrastructure product xParse, which empowers unstructured data mining to unlock data value across various applications [6][17] Group 4: AI Applications in Business - Hehe Information's subsidiary, Qixin Huayan, has introduced several AI-native applications aimed at business data intelligence, enhancing risk management and decision-making processes. For instance, the "AI Intelligent Sourcing" feature helps clients efficiently find cooperation targets among 340 million enterprises, improving sourcing efficiency by over 30% [8][19] - The AI applications have been implemented across multiple industries, including manufacturing, pharmaceuticals, semiconductors, electronics, energy, automotive, and finance, with daily risk scanning exceeding 20 million times [8][19]

Core Viewpoint - The company, Hehe Information, has launched a series of innovative products based on multimodal large models, covering various fields such as AI education, health management, infrastructure, and intelligent applications, showcasing deep integration of text intelligence technology in different scenarios [1][5]. Group 1: Product Innovations - Hehe Information's product matrix update responds to market demands for close integration of technology and application scenarios, marking a new phase in the AI industry focused on practical implementation [1][5]. - The "CS-AI One-stop Intelligent Document Solution" launched by the company's Scan All-in-One product not only digitizes document images but also provides a full-cycle intelligent service covering scanning, reading, editing, and learning, with capabilities for automatic image quality repair and intelligent layout optimization [1][5]. - The "Bee Paper" AI error management tool and its overseas version "QuizAI" have been introduced for the education market, offering automatic grading and personalized learning through error-based practice generation [3][7]. Group 2: Health and Enterprise Solutions - In the health sector, the new AI dietary assistant "Appediet" allows users to identify food components through photos and generate nutritional reports, customizing dietary plans based on personal health data [3][7]. - Hehe Information's enterprise-level product line, TextIn, has launched the AI infrastructure product xParse, aimed at extracting value from unstructured data in general documents for knowledge base construction, intelligent translation, and compliance risk control [3][7]. - The Agentic AI product "INTSIG Docflow" automates the parsing, classification, review, and business process handling of complex documents like contracts and invoices, enhancing core operational efficiency for enterprises [3][7]. Group 3: Business Data Intelligence - The platform Qixin Huayan has introduced several AI-native applications, including "AI Intelligent Sourcing," which automates sourcing demand analysis and improves sourcing efficiency by over 30% [4][8]. - The "AI Admission Due Diligence" feature combines industry experience with comprehensive data to provide reliable supplier selection recommendations [4][8]. - The "AI Relationship Insight" function focuses on revealing inter-company relationships and potential risks, executing risk scans over 20 million times daily across various industries such as manufacturing, finance, pharmaceuticals, and energy [4][8]. Group 4: Future Directions - Hehe Information aims to continue deepening its multimodal text intelligence technology, expanding the boundaries of technology application, and exploring new opportunities and growth paths for AI commercialization [4][8].

Core Insights - The AI industry is entering a new phase focused on practical applications, with a significant emphasis on the integration of AI technology across diverse scenarios [1] - Recent product launches by Hehe Information showcase innovative solutions based on multimodal large models, covering areas such as AI education, health management, infrastructure, and agent applications, providing new avenues for AI commercialization [1] Group 1: AI Applications in Education and Health - The AI model development is transitioning from general capabilities to industry-specific applications, exemplified by the "CS-AI" document solution that enhances document processing through intelligent services [1] - The "Bee Paper" and "QuizAI" tools utilize AI to recognize handwritten test papers, offering interactive learning features and personalized education experiences [1][2] Group 2: AI in Health and Nutrition - The Appediet AI health assistant app allows users to identify food nutritional components through photos, generating calorie reports and personalized dietary plans based on health data [2] Group 3: AI Infrastructure and Data Utilization - The enterprise market is seeing the deployment of AI agents, with high-quality data being crucial for effective AI infrastructure, as predicted by IDC, which estimates global data volume will reach 393.8 ZB by 2028, with a CAGR of 24.4% from 2023 to 2028 [4] - The TextIn AI product line has launched xParse, which enables the extraction of value from unstructured data, enhancing applications in knowledge management, intelligent translation, and compliance risk management [4] Group 4: AI for Business Intelligence and Risk Management - Qixin Huiyan has introduced several AI-native applications aimed at improving enterprise risk management, marketing, and decision-making, with features that enhance sourcing efficiency by over 30% [5] - The AI applications have been implemented across various industries, conducting over 20 million risk scans daily [5]

Core Insights - The article highlights the transition of the AI industry into a phase where practical applications are prioritized, showcasing the integration of AI technology with diverse scenarios as a focal point for innovation [1] Group 1: AI Product Innovations - Shanghai Hehe Information Technology Co., Ltd. (Hehe Information) has launched a series of innovative products based on multimodal large models, covering areas such as AI education, AI health management, AI infrastructure, and AI agent applications [1] - The "CS-AI One-Stop Intelligent Document Solution" from Hehe Information's Scanning All-in-One product enables a full-cycle intelligent service upgrade from image digitization, targeting markets like cross-border e-commerce and professional document translation [2] - In the education sector, Hehe Information introduced AI tools like "Bee Paper" and "QuizAI," which can intelligently recognize handwritten test papers and provide personalized learning experiences [4] Group 2: Health and Nutrition Applications - The AI Diet Health Assistant Appediet allows users to identify food nutritional components through photos, generating calorie reports and personalized dietary plans [7] - Appediet aims to serve as a "personal AI nutritionist," offering tailored nutritional analysis and healthy recipe recommendations [7] Group 3: AI Infrastructure and Data Processing - The launch of the AI Infra product xParse by Hehe Information's TextIn aims to empower unstructured data mining, enhancing data value in various applications such as knowledge bases and compliance risk management [8] - According to IDC, global data volume is expected to reach 393.8ZB by 2028, with a compound annual growth rate of 24.4% from 2023 to 2028, emphasizing the importance of high-quality data for AI infrastructure [8] Group 4: Business Integration and AI Applications - The integration of AI with business processes is seen as a key direction for enterprise-level intelligent agents, with 62% of surveyed organizations experimenting with such applications [9] - Hehe Information's Agentic AI product INTSIG Docflow functions like a "digital employee," capable of parsing and processing complex, unstructured documents [9] Group 5: Commercial Data Intelligence - Hehe Information's Qixin Huayan has introduced several AI-native applications for commercial data intelligence, enhancing risk management and decision-making processes [10] - Features like "AI Intelligent Sourcing" and "AI Due Diligence" improve sourcing efficiency by over 30% and provide reliable supplier recommendations [10][12] - The AI applications have been implemented across various industries, with daily risk scanning exceeding 20 million times [12]