Analysis and Resolution Strategy for the Single Product Risk of IntSig Information

Based on the latest public information, I conduct a systematic analysis of the

faced by IntSig Information and its resolution strategies:

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According to IntSig Information’s 2024 financial report and prospectus data, the company has obvious product concentration risks [1][2]:

Product/Business	2024 Revenue Proportion	Gross Margin	Business Positioning
CamScanner	68.47%	86.6%	Core Revenue Engine
Business Card Reader	1.98%	86.21%	Auxiliary Product
Qixinbao (APP Version)	4.46%	91.5%	Data Service
Intelligent Recognition (B-end)	5.21%	-	Enterprise Service
Big Data Services (B-end)	10.41%	~65%	Enterprise Service

: CamScanner contributes nearly of revenue, forming a typical “single-point dependency” pattern.

:<br>

• Competition in the intelligent text recognition track is intensifying, with giants like Baidu, Tencent, and Alibaba continuing to invest in OCR technology<br>
• The mobile internet dividend is fading, and customer acquisition costs on the C-end are rising<br>
• User stickiness to single tool products is limited, and substitution costs are low

:<br>

• CamScanner’s growth rate has entered a stable phase from the early explosive period (maintaining a 20%+ growth rate from 2022 to 2024) [1]<br>
• Once this product hits a growth bottleneck, it will have a significant impact on the company’s overall performance

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IntSig Information has laid out the

as a breakthrough for diversification:

:<br>

• Intelligent Recognition (B-end) covers multiple fields such as banking, finance, insurance, manufacturing, real estate, government, and parks [3]<br>
• Commercial Big Data (B-end) revenue grew from 0.39 billion yuan in 2018 to
  2.14 billion yuan
  in 2024, with a CAGR of
  32.9%
  [2]<br>
• In 2024, Big Data Services (B-end) revenue accounted for 10.41% of total revenue

:<br>

• Extend to B-end scenarios using brand awareness and technical capabilities accumulated from C-end products<br>
• Provide scenario-based text recognition solutions to meet enterprise-level customized needs<br>
• Qixinbao Enterprise Edition SaaS software quickly enters commercial big data B-end services

:<br>

Product	Function Positioning	Synergy Value
CamScanner	Document Digitization	User Traffic Entry
Business Card Reader	Contact Management	Business Scenario Extension
Qixinbao	Enterprise Information Query	Data Service Value-added

:<br>

• Expand intelligent text processing capabilities based on the TextIn platform<br>
• Explore AI image processing application scenarios<br>
• Develop vertical industry solutions (e.g., legal, medical, financial document processing)

The company’s core technical capabilities provide a basic guarantee for diversification [4]:<br>

• AI Training Platform
  : Underlying algorithm capabilities support multi-scenario applications<br>
• Enterprise SaaS Solutions
  : Modular services can be replicated and promoted<br>
• Commercial Big Data Analysis
  : Data assets drive value-added services

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Goal	Specific Measures	Expected Effect
Increase B-end revenue proportion	Accelerate penetration in finance/manufacturing	Maintain B-end revenue growth rate at 25%+
Grow Business Card Reader	Expand digital business card scenarios	Maintain revenue growth rate at 15-20%
Ad协同广告业务	Monetize C-end traffic	Stabilize revenue proportion at 8-10%

• Revenue Structure Optimization Goal
  : CamScanner’s proportion drops to
  below 50%
  <br>
• B-end Business Proportion
  : Increase to
  25-30%
  <br>
• International Expansion
  : Overseas markets contribute new growth (CamScanner has made progress in overseas markets)

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1. High Gross Margin Moat
   : Core products maintain gross margins above 86%, and the subscription model has stable cash flow [5]<br>
2. Technical Barrier
   : Self-developed enterprise knowledge graph and OCR technology have competitiveness<br>
3. Steady Performance Growth
   : 21.2% revenue growth and 23.9% net profit growth in 2024 [1]

1. Intensified Competition
   : Continuous investment by industry giants may compress the company’s market share<br>
2. Lower-than-Expected ARPU Growth
   : Uncertainty exists in the growth space of C-end product ARPU values<br>
3. B-end Expansion Progress
   : Enterprise service market development requires time and resource input

---

The

faced by IntSig Information is objective, but the company has adopted multi-dimensional risk hedging strategies:

1. Strategic Aspect
   : Transform from “single-point dependency” to “C-end + B-end” dual-drive<br>
2. Product Aspect
   : Build a complete ecosystem of document digitization, contact management, and enterprise data services<br>
3. Technical Aspect
   : Use AI capabilities as the core to support multi-scenario application implementation

:<br>

• Can B-end revenue proportion exceed 20% within the next 2-3 years?<br>
• Can CamScanner maintain a growth rate above 20% (avoid stagnation)?<br>
• Can the growth of new products (Business Card Reader, Qixinbao) exceed expectations?<br>

If you need to further understand the

or of IntSig Information, more detailed in-depth research services can be provided.

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[1] Sina Finance - IntSig Information Named Annual Excellent AI Application Enterprise (https://cj.sina.cn/articles/view/5115326071/130e5ae7702002qyu8)

[2] Dongfang Wealth Securities Research Report - Buy IntSig Information (https://pdf.dfcfw.com/pdf/H3_AP202505081669444492_1.pdf)

[3] Guosen Securities Research Report - Investment Analysis of IntSig Information (https://pdf.dfcfw.com/pdf/H3_AP202501071641844500_1.pdf)

[4] Zhihu Column - Product Structure Analysis of IntSig Information (https://pic1.zhimg.com/v2-265f293cd301c38007b0601845b93246_1440w.jpg)

[5] Shanghai Stock Exchange - IntSig Information 2025 Semi-Annual Report (http://static.cninfo.com.cn/finalpage/2025-08-29/1224615307.PDF)