企查查申请上市，拟募资15亿

Core Viewpoint - Qichacha Technology Co., Ltd. has submitted its prospectus to the Shanghai Stock Exchange, aiming to become the first commercial data stock in A-shares, marking a significant development in the data service sector following the release of the "Data Element ×" three-year action plan [1][3][7]. Company Overview - Founded in March 2014, Qichacha broke down barriers in commercial information queries, allowing users to verify corporate credit information easily and for free, which led to rapid market penetration [4]. - As of June 2025, Qichacha has over 150 million registered users and 80 million monthly active users, creating a strong user base that is difficult to replicate [4][6]. Business Model and Growth - Qichacha's business model leverages its C-end market brand recognition to empower B-end services, providing data cleaning and governance technology to various industries, including finance and law [6]. - Revenue has grown from 518 million yuan in 2022 to 708 million yuan in 2024, with a compound annual growth rate of 16.89%. In the first half of 2025, revenue reached 375 million yuan, indicating a stable growth trend [6]. IPO Plans and Funding - The company plans to raise 1.5 billion yuan through its IPO, with all funds allocated for technological upgrades, including 503 million yuan for AI research and development, highlighting its commitment to an AI-driven transformation [6]. Industry Context - Qichacha is the first commercial data service provider to apply for an A-share listing since the release of the "Data Element ×" action plan, which emphasizes support for data companies seeking to go public [7]. - The successful IPO of Qichacha is expected to stimulate interest in the data element sector, with predictions of 5-10 similar companies initiating IPOs between 2025 and 2026 [7]. Market Trends and Insights - The market's valuation logic for data service providers has evolved, with previous listings providing insights into potential investor expectations [8]. - Following the listing of data aggregation companies, there has been a 37% year-on-year increase in financing events within the data element sector, indicating growing investor interest [11]. Strategic Insights - Key takeaways for aspiring data entrepreneurs include maintaining a focus on "data productization," balancing technology investment with commercialization, and adhering to regulatory compliance [12][13]. - The integration of AI and data is creating new opportunities, with emerging sectors such as vector databases and synthetic data gaining traction [14].