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].

Investment Rating - The report maintains a "Recommended" investment rating for the AI industry, highlighting the continuous evolution of domestic agents and the promotion of universal protocols for systematic applications [2]. Core Insights - The AI agent field is experiencing rapid advancements, with capabilities doubling approximately every seven months since the release of ChatGPT in 2022, leading to an exponential increase in the tasks that AI agents can complete [5]. - Major internet companies are competing to capture the AI internet era's new interaction entry point, with AI agents inheriting the core attributes of the app era and showing advantages in service delivery, network effects, and developer ecosystems [9]. Summary by Sections Section 1: Domestic Intelligent Agent Technology Innovation - The report discusses the launch of ByteDance's Coze Space, a universal agent product designed to facilitate efficient collaboration between users and AI agents, enabling the completion of complex tasks [13][14]. - Coze Space features two collaboration modes: an exploration mode for lightweight tasks and a planning mode for complex needs, allowing for real-time user input during task execution [17]. Section 2: MCP Open Protocol Continues to Expand - The introduction of the Agent2Agent (A2A) open protocol by Google aims to enable communication and secure information exchange between different AI agents, enhancing collaborative task execution across platforms [69]. - A2A facilitates interactions between client and remote agents, allowing for capability discovery, task management, and secure collaboration, thereby increasing operational efficiency [72]. - Microsoft announced plans to leverage the MCP to create an open "agentic web," where AI agents can autonomously initiate tasks and collaborate with minimal human oversight [80]. Section 3: Related Targets - The report identifies several companies involved in AI agent development, including Zhuoyi Information, which is focused on low-code integrated development environments (IDEs) that incorporate AI capabilities to enhance coding efficiency [84]. - Puyuan Information is integrating advanced large model capabilities into its low-code development platform, enhancing developer productivity through intelligent assistance [89]. - Hehe Information has launched an MCP server service for document processing, significantly improving the efficiency of intelligent document handling tasks [90].

Investment Rating - The report maintains a "Recommended" investment rating for the AI industry, highlighting the continuous evolution of domestic agents and the promotion of universal protocols for systematic applications [2]. Core Insights - The AI agent field is experiencing rapid advancements, with capabilities doubling approximately every seven months since the release of ChatGPT in 2022, leading to an exponential increase in the tasks that AI agents can complete [5]. - Major internet companies are competing to capture the AI agent market, which is expected to surpass the existing app ecosystem by providing more versatile and service-oriented solutions [9]. - The introduction of the Agent2Agent (A2A) protocol by Google aims to enhance communication and collaboration between different AI agents, significantly improving operational efficiency across platforms [69][72]. Summary by Sections Section 1: Domestic Intelligent Agent Technology Innovation - The report discusses the launch of ByteDance's Coze Space, a versatile agent product designed to facilitate efficient collaboration between users and AI agents, enabling the completion of complex tasks [13][14]. - Coze Space features two collaboration modes: an exploration mode for quick task completion and a planning mode for in-depth user engagement [14][17]. - The report also mentions the introduction of specialized agents within Coze Space, such as a user research expert and a stock observation assistant, which enhance the platform's functionality [19][20]. Section 2: MCP Open Protocol Continues to Expand - The A2A protocol allows different AI agents to communicate and collaborate on complex tasks, enhancing the overall efficiency and innovation potential of AI systems [69][72]. - Microsoft has announced support for the A2A protocol through its Azure AI Foundry and Microsoft Copilot Studio, indicating a significant shift towards collaborative AI systems [69][72]. - The report highlights the integration of various tools and applications with the MCP protocol, enabling seamless task execution across platforms [76][80]. Section 3: Related Companies - The report identifies several companies involved in the AI agent space, including Zhuoyi Information, which is developing low-code IDE tools integrated with AI capabilities to enhance software development efficiency [84][85]. - Puyuan Information is also mentioned for its low-code platform that incorporates advanced model capabilities to assist developers in code generation and data modeling [89]. - Hehe Information has launched an MCP server service for document processing, aimed at facilitating the use of intelligent document processing agents in various industries [90].