IPO雷达 | 企查查用户活跃度下滑，二股东提前部分套现

Core Insights - The article highlights the increasing importance of commercial big data services in the digital transformation era, with Qichacha being a notable player in this field, recently submitting its IPO application to the Shanghai Stock Exchange [1][2] - Despite impressive past financial performance, concerns arise regarding slowing new user growth and increasing churn rates, alongside uncertainties related to major shareholder sell-offs and the involvement of affiliated parties in the IPO process [1][4] Financial Performance - Qichacha's revenue grew from 518 million to 708 million yuan from 2022 to 2024, with a compound annual growth rate (CAGR) of 16.89%, while net profit increased from 162 million to 298 million yuan, achieving a CAGR of 35.42% [4] - The company's gross margin reached 90% in the first half of 2025, with a steady increase from 87.24% in 2022, indicating strong profitability comparable to industry leaders [4] User Metrics - As of June 2025, Qichacha had over 150 million registered users, with monthly active users exceeding 80 million, although the proportion of active users relative to total users has declined from 73.32% to 53.13% from 2022 to 2025 [2][11] - The number of paying users has shown a concerning trend, with a significant drop in new paying users in 2025 compared to previous years, raising questions about user retention and engagement [12][13] Shareholder Dynamics - Qichacha has undergone multiple financing rounds since its establishment, with the latest valuation reaching 10 billion yuan. Notably, major shareholder Wande Information reduced its stake prior to the IPO, indicating potential liquidity events for early investors [16][17] Investment Plans - The company plans to raise 1.5 billion yuan for various R&D projects, although its R&D expenditure as a percentage of revenue is below the industry average, suggesting potential areas for improvement in innovation investment [6][7]