“85后”程序员的数据服务生意冲刺IPO：3年半赚超22亿元、毛利率超90%

Core Viewpoint - The article discusses the IPO application of Qichacha Technology Co., Ltd., a leading commercial data service provider in China, which aims to raise 1.5 billion yuan through its listing on the Shanghai Stock Exchange. The company has shown significant growth in revenue and profitability, positioning itself as a strong player in the commercial data market [2][3]. Company Overview - Qichacha's IPO application was accepted in early October, with plans to list on the Shanghai Stock Exchange and raise 1.5 billion yuan [2]. - The company has experienced substantial growth, with a total market value of 23.688 billion yuan as of October 17, 2023, and a stock price increase of 206.63% since its initial offering [2]. - Qichacha has a user base significantly larger than its competitor, Qixinbao, with registered users and paying users being three times and six times larger, respectively [2]. Financial Performance - From 2022 to the first half of 2025, Qichacha reported cumulative revenue of 2.219 billion yuan and net profits totaling 938 million yuan, with a gross margin consistently exceeding 87% [3]. - The company's revenue has shown a steady increase, with figures of 518 million yuan, 618 million yuan, 708 million yuan, and 375 million yuan for the years 2022 to the first half of 2025, respectively [6]. - The cost of revenue has decreased slightly as a percentage of total revenue, indicating improved operational efficiency [6]. Business Model - Qichacha's revenue primarily comes from membership products, which account for approximately 85% of total revenue, with increasing prices for both VIP and SVIP memberships [7]. - The company has a diverse client base, including major state-owned banks and law firms, contributing to steady growth in B2B revenue [7]. - The gross margin for Qichacha's main business segments remains high, with membership products, professional versions, and data interface services contributing significantly to overall profitability [8]. Growth Strategy - The funds raised from the IPO will be used to enhance product performance and expand business operations, focusing on both C-end and B-end services [13]. - Continuous investment in data capabilities and artificial intelligence technology is planned to strengthen the company's market position and technical barriers [13]. Compliance and Risks - Qichacha faced a fine for violating credit business management regulations, highlighting potential compliance risks in its operations [9][10]. - The company has acknowledged various risks, including regulatory changes and competition, but maintains that it has measures in place to ensure data accuracy [12].