IPO观察丨嘉立创拟上市：46.79亿营收与“永久免费”软件的逻辑何解？

Core Insights - Shenzhen-based hard tech company Jialichuang has resumed its IPO review status, with updated financials showing a revenue of 4.679 billion yuan for the first half of 2025, a year-on-year increase of 25.95%, and a net profit of 590 million yuan, up 23.5% year-on-year [1][3] - The company announced that its ECAD (Electrical Design Software) standard version will be offered for free, a move that challenges conventional business logic and has stirred significant interest in the hardware design and manufacturing sector [1][3] Financial Performance - As of the end of the first half of 2025, Jialichuang reported 8.225 million registered users on its online self-service ordering platform, an increase of 1.1061 million from the end of 2024 [3] - The company processed over 9.5 million orders, reflecting a year-on-year growth of 15.85% [3] - Jialichuang's revenue and net profit growth indicate a robust performance in its manufacturing operations [6] Business Strategy - Jialichuang's free software strategy is part of a broader initiative to lower industry barriers and foster hardware innovation [5][6] - The company has provided over one million free prototyping opportunities for university students annually, covering all shipping costs [5] - The free software approach aims to connect users, accumulate data, and cultivate habits, creating a feedback loop that optimizes design rules through manufacturing data [5][6] Industry Impact - Jialichuang's growth trajectory reflects the evolution of China's hardware innovation ecosystem, transitioning from a simple software provider or manufacturing plant to a foundational infrastructure provider aimed at reducing hardware innovation costs [6] - The company's significant investments in high-end production capacity, including a 31.97% year-on-year increase in PCBA capacity, demonstrate its commitment to enhancing operational efficiency [6] - The juxtaposition of the "free forever" software strategy with substantial revenue growth serves as a validation of Jialichuang's business model and may offer new insights for innovation upgrades in Chinese manufacturing [6]