毛利率90%的企查查，能否吃到“AI+Data”的红利？

Core Insights - The core value of commercial big data companies lies not in being "data movers" but in providing data solutions or intelligent products that help C-end clients break information asymmetry and assist B-end clients in overcoming internal "data silos" to generate value [2][17]. Company Overview - Qichacha is aiming for an IPO, potentially becoming the second commercial big data company listed on the A-share market [2]. - Qichacha acts as a "data mover," transforming publicly available data from government departments, judicial authorities, and industry associations into easily accessible commercial information [2][4]. - The company's revenue is projected to grow from 518 million yuan in 2022 to 708 million yuan in 2024, with a compound annual growth rate (CAGR) of 16.89%. Net profit is expected to rise from 190 million yuan to 317 million yuan, with a CAGR of 29.17% [2]. Financial Performance - Qichacha's gross margin is comparable to that of Moutai, reaching 90.74% in the first half of 2025, while Moutai's gross margin is 91.3% [2]. - The gross margin for Qichacha from 2022 to 2025 is projected to be 87.24%, 88.51%, 88.81%, and 90.74% respectively, with a net margin exceeding 45% in the first half of 2025 [5][11]. - Membership product revenue constitutes a significant portion of total revenue, accounting for approximately 84% to 85% during the reporting period [7]. User Metrics - As of the first half of 2025, Qichacha had 139 million registered users, a 20.5% year-on-year increase, but the number of paying users only grew by 2.6% to 1.048 million, indicating a low conversion rate [8][16]. - The majority of paying users opt for the basic VIP package, priced at 388 yuan per year, which represents over 70% of membership revenue [9][10]. Business Segments - C-end business is the main revenue driver, with C-end membership revenue reaching 280 million yuan in the first half of 2025, accounting for 74.57% of total revenue [8]. - B-end business, which includes customized data services for financial institutions and law firms, has not yet become a significant revenue contributor, generating only 36.32 million yuan in the first half of 2025, or 11.48% of total revenue [11]. Competitive Landscape - The commercial big data industry is becoming increasingly homogeneous, with competitors like Tianyancha gaining market share through aggressive marketing strategies [12]. - Qichacha's marketing expenses were high, accounting for 39.24% of total expenses in the first half of 2025, which is still above R&D expenses [14]. Future Prospects - Qichacha is focusing on AI and data integration as a future growth direction, having launched its "Zhibei Alpha" commercial inquiry model in 2023 [17]. - The company plans to allocate funds from its IPO for product upgrades and AI research, with 5.03 billion yuan specifically for AI development [18]. - The ability to leverage AI and data effectively will be crucial for Qichacha to differentiate itself and capture market opportunities in the evolving landscape [17].