According to Zhongtong Finance and Economics APP, on September 13th, Hehe Information (688615.SH) started its subscription with an issuance price of 55.18 yuan per share and a subscription limit of 0.006 million shares, with a PE ratio of 18.55 times. It belongs to the STAR Market of the Shanghai Stock Exchange, and China International Capital Corporation is its exclusive sponsor.

According to the prospectus, Hehe Information is an AI and big data technology company that provides digitized and intelligent products and services to global C-end users and diversified B-end customers based on its self-developed leading AI-based text recognition and business big data core technologies.

The company's C-end business mainly includes C-end APP products for global individual users, including three core products: Scan Hero (an AI-based scanning and text recognition APP), Card Hero (an intelligent business card and contact management APP), and Qixin Bao (a business information inquiry APP). The company's B-end business provides services to enterprise customers with AI-based text recognition and business big data as the core, forming a business matrix that includes basic technical services, standardized services, and scenario-based solutions, meeting the diverse needs of customers for cost reduction and efficiency improvement, risk management, and intelligent marketing, and helping customers achieve digitalization and intelligence transformation and upgrading.

According to Hehe Information's prospectus, the company's core technologies include AI-based text recognition and business big data technology. Among them, AI-based text recognition technology integrates AI technologies such as intelligent image processing, complex scene text recognition, and NLP, and has more cognitive and understanding capabilities compared to traditional simple text recognition. It can adapt to complex scenes such as multiple languages, multiple layouts, and multiple styles, and can be applied to multiple commercial scenarios to create products or services with tangible results, such as bill classification, structured document recognition for licenses and certificates, key information extraction from contracts, and intelligent auditing. Business big data technology includes technologies such as big data mining and knowledge graphs, which unleash the value hidden behind commercial data at the levels of "data -> information -> knowledge -> intelligence", empowering various industries.

In terms of industry competition, with leading self-developed technology and mature product implementation capabilities, the company's three C-end APP products cover hundreds of countries and regions worldwide, enjoying a well-known brand reputation and excellent user experience. In particular, Card Hero and Scan Hero were launched in 2009 and 2010, respectively, accumulating a profound influence over the past decade. Among the APPs in the same category that can be publicly searched on the App Store are ABBYY FineScanner, ABBYY Business Card Reader, Google Lens, etc. According to App Annie data, the sum of active users and downloads of Scan Hero and Card Hero far exceeds that of similar APPs during the reporting period, and their ratings in the iOS China region are also higher than those of similar APPs. According to Zhaoshi Consulting, Qixin Bao ranks third in the C-end market for commercial information inquiries (i.e. the B2C market for business big data) in China in 2022.

In terms of financials, the company achieved operating revenues of approximately 0.806 billion yuan, 0.988 billion yuan, and 1.187 billion yuan in 2021, 2022, and 2023, respectively. The company's net income was approximately 0.144 billion yuan, 0.284 billion yuan, and 0.323 billion yuan, respectively, in the same periods.

According to Hehe Information in the prospectus, the company may face overseas operating risks. During the reporting period, the company sold C-end products and B-end services to overseas customers in major countries and regions such as Europe, America and East Asia to cater to their different preferences and needs. Over the reporting period, the company's overseas revenue was mainly concentrated in Asia (primarily Japan and South Korea) and North America (primarily the United States), with a stable growth trend. As for the compliance risks of overseas operations, although the company has not been penalized by the source of income since engaging in overseas operations, with the further expansion of business scale, the legal and regulatory environment involved in overseas business will become more complex. If the company fails to fully comply with the laws and regulations of the sales location in the future, it may face corresponding penalties, thereby affecting its operations in the local market.