累计注册用户破1.5亿、毛利率超90%，企查查冲击IPO

Core Viewpoint - Qichacha Technology Co., Ltd. is seeking to go public on the Shanghai Stock Exchange, aiming to raise 1.5 billion yuan, marking its official entry into the A-share market [2][3]. Company Overview - Qichacha is a leading provider of comprehensive commercial big data services in China, focusing on delivering accurate and efficient business data services to help users understand various commercial entities' credit, risks, opportunities, and information [3][4]. - As of June 2025, Qichacha has accumulated over 150 million registered users, indicating its growing popularity as an essential app for users [2][3]. Financial Performance - The company reported revenues of approximately 5.18 billion yuan, 6.18 billion yuan, 7.08 billion yuan, and 3.75 billion yuan for the years 2022 to 2025 (first half), with corresponding net profits of about 1.9 billion yuan, 2.59 billion yuan, 3.17 billion yuan, and 1.72 billion yuan [4]. - Qichacha's gross profit margins have consistently remained high, with figures of 87.24%, 88.51%, 88.81%, and 90.74% during the reporting periods [6]. User and Revenue Composition - Over 70% of Qichacha's revenue comes from C-end (consumer) clients, with C-end business revenues of 4.12 billion yuan, 4.88 billion yuan, 5.44 billion yuan, and 2.86 billion yuan, representing 79.51%, 78.89%, 76.87%, and 76.11% of total revenue respectively [8]. - The company's membership products, including VIP and SVIP memberships, are the primary revenue drivers, accounting for a significant portion of the total income [9][10]. Competitive Landscape - Qichacha competes with other notable brands in the commercial big data service sector, such as Tianyancha, Qixinbao, and Aiqichacha, with the latter's parent company already listed on the STAR Market [4][5]. - Internationally, Qichacha faces competition from established firms like Dun & Bradstreet, IHS Markit, and Moody's, which have built strong brand advantages in enterprise-level commercial data services [4]. Future Prospects - The IPO is expected to enhance Qichacha's brand recognition and market acceptance of its products, while also providing opportunities for strategic mergers and acquisitions to strengthen its business layout in the commercial big data service industry [5].