Core Viewpoint - The commercial big data service provider Qichacha is moving towards the capital market with its IPO application accepted by the Shanghai Stock Exchange, aiming to raise 1.5 billion yuan for business expansion and product upgrades [1][10] Group 1: Company Overview - Qichacha's IPO application was accepted in early October, with plans to list on the main board of the Shanghai Stock Exchange, underwritten by CITIC Securities [1] - The company aims to raise 1.5 billion yuan through its IPO [1] - Qichacha has grown significantly, with over 1.5 billion registered users and 80 million monthly active users as of June 2025 [3] Group 2: Financial Performance - From 2022 to the first half of 2025, Qichacha reported cumulative revenue of 2.219 billion yuan and net profit of 938 million yuan, with a gross margin consistently exceeding 87% [2] - Revenue for 2022, 2023, 2024, and the first half of 2025 was 518 million yuan, 618 million yuan, 708 million yuan, and 375 million yuan respectively, showing a steady increase [4] - The company’s operating costs as a percentage of revenue have decreased, with costs of 66 million yuan, 71 million yuan, 79 million yuan, and 35 million yuan for the same periods [4] Group 3: Revenue Sources and Pricing - Qichacha's revenue primarily comes from membership products, which account for about 85% of total revenue over the past three years [5] - The pricing for individual memberships has increased, with VIP and SVIP memberships priced at 388 yuan and 1500 yuan per year respectively, reflecting a price increase for VIP memberships since September 2022 [5] - For B2B products, the price for the Qichacha Professional version has risen to 9800 yuan per account per year, indicating a strong demand from corporate clients [6] Group 4: Business Model and Data Acquisition - Qichacha's data acquisition relies on automated access and a small portion from suppliers, keeping data acquisition costs low [4] - The company has established partnerships with major banks and law firms, indicating a robust B2B client base [6] Group 5: Compliance and Legal Issues - On October 9, the People's Bank of China imposed a fine on Qichacha for violating credit business management regulations, highlighting potential compliance risks [7] - The company faces various legal challenges, including lawsuits related to reputation and personal information protection [8] Group 6: Future Plans - The funds raised from the IPO will be used for product upgrades and business expansion, focusing on enhancing the performance of C-end membership products and B-end services [10]

Core Viewpoint - Qichacha Technology Co., Ltd. has received approval for its IPO application, aiming to raise over 1.5 billion yuan, focusing on enhancing its commercial big data services for both C-end and B-end users [1][3]. Group 1: Company Overview - Founded in 2014, Qichacha specializes in providing accurate and efficient commercial data services to help users understand credit, risks, opportunities, and information related to various business entities [1]. - The company launched its first paid product, Qichacha VIP membership, in 2016, followed by other premium offerings tailored to both C-end and B-end users [1]. Group 2: Market Position - According to the "China Commercial Big Data Service Industry Blue Book" and QuestMobile data, Qichacha ranks second in market share among domestic commercial big data service providers and first in mobile app downloads [2]. - As of June 2023, Qichacha has over 150 million registered users, with a steady increase in paid users from 906,200 in 2022 to 1,048,000 in the first half of 2024 [2]. Group 3: Financial Performance - Qichacha's revenue for 2022, 2023, and projected for 2024 are 518 million yuan, 618 million yuan, and 708 million yuan, respectively, reflecting a compound annual growth rate of 16.89% [3]. - The company's net profit for the same years is reported as 190 million yuan, 256 million yuan, and 317 million yuan, with a net profit margin exceeding 45% [3]. Group 4: Future Plans - The funds raised from the IPO will be primarily allocated to upgrading C-end and B-end commercial big data products, enhancing a multi-dimensional database, and developing artificial intelligence capabilities in commercial big data [3]. - Qichacha's chairman highlighted the potential for growth in revenue, data assets, and management efficiency, aiming to establish a competitive edge in the international market [4].