Last Year's Revenue and Net Profit Both Increased, Heheinfo Heads to Hong Kong IPO to Deepen Overseas Market Expansion

How Will AI-Driven Hong Kong Stock Listings Accelerate Overseas Market Penetration?

Source: Times Weekly Reporter: Guan Yue, Han Xun

The parent company of “Scan All-in-One” and “Qixinbao”—Hega Information (688615.SH)—delivered a report showing double growth in revenue and net profit.

On the evening of March 16, Hega Information disclosed its 2025 annual report. During the reporting period, it achieved operating revenue of 1.81 billion yuan, a year-on-year increase of 25.83%; net profit attributable to the parent was 454 million yuan, up 13.39%. The financial report states that revenue growth was due to “the company’s坚持技术创新和产品优化，深化海外商业化布局” (persisting in technological innovation and product optimization, deepening overseas commercialization layout).

On March 18, a relevant person from Hega Information told Times Weekly that as a native AI company, Hega’s positioning is based on its多年深耕的多模态文本智能技术 (years of deep cultivation in multimodal text intelligence technology) to solve specific scenario problems, helping people improve efficiency and reduce risks. “The two new B-end products launched last year received good feedback, and the company is continuously incubating new projects and products internally.”

C-end Products Remain Revenue Pillar

Tianyancha shows that Hega Information was established in August 2006 and listed on the STAR Market of the Shanghai Stock Exchange in September 2024. It is a company focused on artificial intelligence, with core businesses covering both C-end and B-end sectors. The C-end includes three main apps: Scan All-in-One, Name Card All-in-One, and Qixinbao, providing services such as image text processing, business social networking, and commercial data queries. The B-end offers services through TextIn and Qixin Huiyan, providing intelligent text processing and business data decision-making.

Image Source: Tianyancha

Hega Information’s core business is based on OCR technology, which uses image processing and pattern recognition to convert text into editable formats.

A relevant person from Hega told Times Weekly that the company’s OCR advantage lies in “strong engineering implementation ability with few hallucinations,” capable of “solving complex layouts and large tables.” While large models mainly use OCR to reduce bandwidth, they focus on “seeing text clearly, making it clearer, and solving problems in every engineering scenario.” They have collaborated with many major domestic companies on OCR projects.

In terms of business contribution, C-end products remain the absolute revenue pillar. In 2025, they are expected to generate 1.544 billion yuan, a 28.11% increase, accounting for 85.30% of total revenue. Among these, intelligent text recognition C-end products will bring in 1.486 billion yuan, up 30.27%, with a gross margin of 89.78%, an increase of 2.02 percentage points from the previous year, maintaining nearly 90% high gross profit levels. Commercial big data C-end products will generate 57.58 million yuan, with a gross margin of 86.14%.

Hega Information’s B-end business is projected to reach 257 million yuan in 2025, a 14.56% increase, accounting for 14.22% of total revenue. Specifically, revenue from intelligent text recognition B-end products and services will be 86.97 million yuan, up 16.17%, with a gross margin of 71.53%, an increase of 9.21 percentage points; commercial big data B-end products and services will reach 1.70 billion yuan, up 13.75%, with a gross margin of 68.72%, up 2.79 percentage points.

Regarding B-end growth, the relevant person said that last year, the two new products xParse and DocFlow received good feedback. xParse is an AI infrastructure product that addresses data issues for large model privatization deployment, while DocFlow is a workflow AI agent. Additionally, Qixin Huiyan mainly focuses on supply chain management and corporate marketing data management for financial institutions, offering AI sourcing, due diligence, and overseas risk monitoring. Its advantage over competitors lies in the accumulation of high-value, knowledge-based data such as “industry library data.”

Shenwan Hongyuan Securities believes that with the enrichment of AI matrix products, Hega’s C-end data continues to improve, and there is still significant exploration space overseas. Long-term, products like TextIn and xParse will benefit from the development wave of large model agents. “The company is continuously deploying new B/C-end products, including AI education, AI healthcare, and AI commercial data, which are expected to bring future transformation.”

Deepening Overseas Market Expansion

Currently, Hega Information is planning a Hong Kong stock listing.

On May 28, 2025, Hega announced its intention to apply for listing on the Main Board of the Hong Kong Stock Exchange, submitting application materials on June 26, and updating them on December 29 of the same year.

Regarding the Hong Kong listing, Hega stated that it aims to “further advance the company’s globalization strategy, enhance global capital operation capabilities, and further improve the company’s global brand awareness and overall competitiveness, consolidating its industry position.”

Regionally, the domestic market remains Hega’s main revenue source, with 1.181 billion yuan in 2025, a 21.88% increase, accounting for 65.28% of total revenue. However, overseas market growth is even faster, with 620 million yuan in revenue, up 34.11%, accounting for 34.50% of total revenue.

A relevant person from Hega told Times Weekly that the company’s C-end products have many overseas users and high recognition. “However, the company’s overseas layout is still mainly product export and agency-based. Overseas paid conversion rates and penetration still have room for improvement. Listing in Hong Kong will provide more opportunities to further explore overseas markets.”

In this person’s view, currently, overseas Agent products and AI Infra products are very popular, with many cloud providers trying to develop international business. Therefore, the company’s internationalization path “has great potential.”

Galaxy Securities believes that Hega’s core C-end products already cover over 100 countries and regions with hundreds of millions of users, with excellent brand recognition and user experience. There is still huge potential for overseas market growth, which could open a second growth curve for the company.

After the 2025 annual report disclosure, Hega’s stock price has not experienced significant fluctuations recently. On March 19, it closed down 4.00%, at 183.15 yuan per share, with a total market value around 25.6 billion yuan.

However, Hega’s 2026 stock price recently experienced a rollercoaster. After a rapid rise at the beginning of the year, with a maximum increase of over 60%, it started to decline from January 14, with a maximum retracement of about 50%.

Image Source: Wind

Galaxy Securities believes that Hega not only empowers B-end products through AI but also accumulates high-quality data assets with its leading text intelligence processing technology, which may lead to a valuation re-rating.

“The company is profitable itself and does not wish for its stock price to fluctuate wildly. It prefers value-based volatility,” said a relevant person from Hega.