本次募集资金投资项目围绕着公司的主营业务开展，通过增加设备、专业技术人才、云资源等投入，旨 在提升公司C端会员类产品和B端企查查专业版、数据接口服务等产品的性能表现;并通过对数据能力和 人工智能技术的持续研发，进一步提升公司的技术壁垒，扩大公司的市场份额和市场影响力。 招股书提示，近年来以人工智能、大数据挖掘、可视化分析为代表的先进技术不断升级换代，如果公司 未来不能在技术升级创新方面作出前瞻性判断、快速响应与持续投入，将有可能使得公司存在技术优势 丧失、产品力下降、用户流失的风险，影响公司未来的持续发展能力及市场竞争力。 招股书显示，企查查是一家专业的商业大数据综合服务商，从2014年成立至今，始终专注于商业大数据 的收集、清洗、挖据、分析，以及在不同实体领域的应用，现已成为我国大数据产业发展的示范企业以 及数字经济发展体制构建的中坚力量。 公司产品涉及商业交易、风险管理、金融服务、政务、法务等多种客户业务场景，被广泛应用于金融、 法律、制造、政府、互联网等领域，既大幅提升了个人用户获取商业信息的便利性和有效性，又提高了 企业级用户的商业决策效率。 根据灼识咨询发布的《中国商业大数据服务行业蓝皮书》及Que ...

目前，PingPong集团已构建起了一张业务覆盖200多个国家和地区，可服务于中小企业、科技平台、大 型品牌和机构等全球展业的支付网络。同时，坚持自研自建全球支付底层科技系统，并将人工智能、大 数据挖掘、复杂系统建模等前沿技术应用到了跨境支付服务场景中，实现了支付服务体系的高效运营和 安全稳定。 经济观察网 10月9日，中国香港特区政府引进重点企业办公室举行"重点企业签约仪式"，欢迎新一批重 点企业在香港落户及拓展业务。PingPong集团旗下专注人工智能、WEB3等新兴技术研究和应用的子公 司"乒乓智汇科技有限公司"（下称"乒乓智汇"）正式成为中国香港特区政府"重点企业伙伴"。此次合作 也标志着香港政府对PingPong集团及乒乓智汇在服务全球数字贸易能力、跨境支付前沿技术创新和应用 方面的认可。 ...

Core Insights - The Vietnamese government has approved a proposal to build a comprehensive enterprise database that will include various data sources such as business registration, taxation, import-export, social insurance, credit, and labor [1][2] Group 1: Objectives and Implementation Timeline - The proposal aims to create a foundational database by 2025, integrating four key data sources to establish a basic health index for enterprises and entrepreneurs [2] - By 2026, the database will be upgraded to include credit and investment data, along with the development of an enterprise operation analysis system utilizing AI and big data tools [2] - From 2027 to 2030, the database will be further enhanced by incorporating data on labor, intellectual property, innovation, technology, digital transformation, and sustainable development [2] Group 2: Key Tasks and Solutions - Six key tasks have been outlined to achieve the proposal's goals, including the establishment of a legal framework for the enterprise database and the development of a core indicator-based health index system [3] - The Ministry of Finance is responsible for creating and guiding the mechanisms for data connection, synchronization, and sharing, ensuring the stable operation of the foundational database by 2025 [3] - The Ministry of Public Security will facilitate the integration and sharing of the national comprehensive database with the enterprise database, aiming to create a nationwide enterprise big data system between 2025 and 2030 [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company's brokerage business revenue has shown impressive growth, and profit margins across various segments are steadily recovering [7] - The company has a strong market position in the brokerage sector, with significant increases in transaction volumes and active agents [7] - The company is expected to benefit from its diversified business model, including home decoration and rental services, which are projected to contribute to future growth [7] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 77,777 million - 2024: 93,457 million - 2025E: 110,740 million - 2026E: 122,649 million - 2027E: 135,786 million - Year-on-year growth rates for revenue are projected at: - 2023: 28% - 2024: 20% - 2025E: 18% - 2026E: 11% - 2027E: 11% [3][8] - Net profit attributable to the parent company is forecasted as follows: - 2023: 5,883 million - 2024: 4,065 million - 2025E: 6,201 million - 2026E: 7,544 million - 2027E: 9,121 million - Year-on-year growth rates for net profit are projected at: - 2023: -524% - 2024: -31% - 2025E: 53% - 2026E: 22% - 2027E: 21% [3][8] - Earnings per share (EPS) estimates are: - 2023: 1.63 - 2024: 1.15 - 2025E: 1.77 - 2026E: 2.15 - 2027E: 2.60 [3][8] Business Performance - In Q1 2025, the company reported a total transaction value (GTV) of 843.7 billion, a year-on-year increase of 34.0% [7] - The breakdown of Q1 2025 transaction values includes: - Existing home transactions: 580.3 billion (up 28.1%) - New home transactions: 232.2 billion (up 53.0%) [7] - The company achieved a net income of 23.33 billion in Q1 2025, reflecting a year-on-year increase of 42.4% [7] - The number of active stores and agents has increased significantly, with 55,210 active stores (up 29.6%) and 491,000 active agents (up 23.0%) as of Q1 2025 [7]