企查查IPO：销售费用率仅为可比公司均值一半且变动趋势不一致

Core Viewpoint - The company Qichacha has submitted its IPO application to the Shanghai Stock Exchange, aiming to raise approximately 1.5 billion yuan for various upgrades in its commercial big data products and AI development [1]. Group 1: Financial Performance - Qichacha's sales expense ratio is significantly lower than the average of comparable companies, being less than half in 2024 and the first half of 2025, at 15.88% and 16.25% respectively, compared to the average of 33.94% and 33.65% [2][3]. - The sales expense ratio for Qichacha has shown a declining trend from 25.37% in 2022 to 15.88% in 2025, while comparable companies maintained a stable ratio around 30% [4]. Group 2: Compensation Analysis - Qichacha's sales personnel and management salaries are significantly lower than those of comparable companies, with sales personnel earning an average of 25.18 thousand yuan in the first half of 2025, compared to the average of 39.12 thousand yuan for comparable firms [5][6]. - Management salaries at Qichacha are also below half of the comparable companies' average, with 2025 first half salaries at 49.11 thousand yuan versus an average of 112.75 thousand yuan [6]. - Despite lower salaries for sales and management, Qichacha's R&D personnel compensation aligns closely with the average of comparable companies, indicating a different compensation structure based on job function rather than location [6].