Core Viewpoint - Qichacha's business model, which focuses on "data as a service," has proven to be highly profitable, with a gross margin comparable to that of Kweichow Moutai, indicating strong market demand for its services [2][20]. Financial Performance - As of June 30, 2025, Qichacha's total assets reached 2.09 billion yuan, with a net profit of 171.54 million yuan for the first half of 2025, reflecting a significant increase from previous years [4][5]. - The company's revenue grew from 518 million yuan in 2022 to 708 million yuan in 2024, with a net profit margin of 44.7% [20][21]. - Qichacha's gross margins were 87.24%, 88.51%, and 88.81% from 2022 to 2024, showcasing the low marginal cost of serving additional users [22]. User Base and Membership - Qichacha had 548,300 paid users in the first half of 2025, with a total of 1.5 billion registered users by June 2025 [11][13]. - The company primarily generates revenue from individual users (C-end) and corporate users (B-end), with C-end services accounting for over 75% of total revenue in recent years [10][8]. Business Model - Qichacha's business model involves collecting and processing publicly available data from various official sources, transforming it into user-friendly products [8][10]. - The company charges 388 yuan per year for VIP membership, which provides access to in-depth information about companies [10][11]. Competitive Landscape - Qichacha faces competition from other commercial inquiry platforms like Tianyancha and Aiqicha, which have similar business models [24]. - The company has introduced AI models to enhance its service offerings, aiming to maintain its competitive edge in the market [29][28]. Challenges and Risks - User growth has slowed, with a decrease in new user acquisition in 2024 compared to 2023 [24]. - Qichacha has faced numerous complaints regarding "induced consumption" and refund difficulties, which could impact its brand reputation [31][33]. - The company has also received administrative penalties for compliance issues, highlighting potential risks in its operational practices [38][39].