| 项目 | 2025年6月30日 | 2024 年 12月 31 日 | 202 | | --- | --- | --- | --- | | | /2025年1-6月 | /2024 年度 | | | 净利润(万元) | 17.154.06 | 31,744.81 | | | 归属于母公司所有者的 | 17.154.06 | 31,744.81 | | | 净利润(万元) | | | | | 扣除非经常性损益后归 属于母公司所有者的净 | 16.096.16 | 29.765.65 | | | 利润(万元) | | | | | 基本每股收益(元) | 0.47 | 0.88 | | | 稀释每股收益(元) | 0.47 | 0.88 | | | 加权平均净资产收益率 | 14.51% | 33.90% | | | 经营活动产生的现金流 | 23.667.51 | 42.505.92 | | | 量净额(万元) | | | | | 现金分红(万元) | - | l | | | 研发投入占营业收入的 | 16.05% | 16.56% | | | 比例 | | | | 截至本招股说明书签署日，企查查控股股东、实 ...

Core Viewpoint - The IPO application of Qichacha Technology Co., Ltd. has been accepted, aiming to raise 1.5 billion RMB despite having substantial cash reserves and low liabilities, raising questions about the necessity of the fundraising [1][2][6]. Financial Position - Qichacha has over 1.7 billion RMB in broad monetary funds, with more than 75% of its assets in financial products, indicating a strong liquidity position [2][6]. - The company has almost zero interest-bearing debt, with short-term and long-term borrowings reported as zero [3][6]. - Revenue and net profit figures for 2022 to mid-2025 show consistent growth, with revenues of 5.18 billion RMB in 2022, 6.18 billion RMB in 2023, and 7.08 billion RMB in 2024, alongside net profits of 1.9 billion RMB, 2.59 billion RMB, and 3.17 billion RMB respectively [6][7]. IPO Details - The IPO plans to issue up to 40.25 million shares, representing 10% of the total post-issue share capital, with the raised funds allocated to various R&D projects [2][7]. - Approximately 40% of the raised funds will be used for personnel investments across different projects, indicating a significant focus on human resources in the development process [7]. Underwriting Concerns - The underwriting firm, CITIC Securities, has raised concerns regarding its independence, as its subsidiary invested in Qichacha shortly before the underwriting agreement was signed [8][10]. - The lack of disclosed pricing for the subsidiary's investment raises questions about transparency and valuation changes [11][12]. R&D Expenditure - Qichacha's R&D expense ratio is significantly lower than its peers, with rates of 18.02% in 2022, 17.45% in 2023, and 16.05% in the first half of 2025, compared to an average of 24.19% among comparable companies [15][16][17]. - The company claims that its R&D expenditure is within a reasonable range compared to competitors, despite being notably lower, which may impact its technological competitiveness in the rapidly evolving commercial big data service industry [17].

就在昨天，一家大数据超级独角兽要IPO了，提交招股书，冲刺A股主板。它的名字，相信大多数人都熟悉，它就是企查查。 现在，国家也支持数据类公司上市。2023年12月，国家数据局等17部门印发《"数据要素 ×" 三年行动计划（2024—2026 年）》，提出要发挥数据要素的乘 数效应，支持数据商上市融资——文件印发后，企查查是首个上交所主板受理的数据服务商申报企业。 借着企查查的IPO契机，我们来看看，商业大数据赛道还有哪些新机会？ 01 创业始末 2014年2月，陈德强、杨京等人在筹备一个创业项目，主要提供租场地服务，如篮球场、羽毛球馆等。几个人先从场地谈合作做起，在江苏做了一个月，杨 发现有个问题很麻烦。"有人说这个场馆是他的，你跟他聊半天，才知道他只是个中间人，不是老板。" 后续，他们做了一个微信公号查询工具。在上面输入一个场馆的名字，就能查询它在工商局的注册信息，马上看到老板是谁。 招股书显示，成立于2014年的企查查，总部在苏州，是一家商业大数据综合服务商，旗下产品有企查查APP、企查查专业版、数据接口服务等数据产品。截 止2025年6月，累计注册用户数超1.5亿，月活超8000万。 值得一提的是，过去 ...

Core Viewpoint - The article provides an overview of recent IPO activities in Hong Kong, the US, and A-shares, highlighting key companies and their market positions. Group 1: Changfeng Pharmaceutical - Changfeng Pharmaceutical officially listed on the Hong Kong Stock Exchange on October 8, 2025, under the stock code "2652" [3] - The global offering consisted of 41.198 million shares, with the Hong Kong public offering being oversubscribed by 6,697.80 times, marking the second-highest oversubscription since the revised pricing mechanism was implemented [3] - The company specializes in inhalation formulations and has a comprehensive product portfolio addressing significant clinical needs in respiratory diseases, including asthma and COPD [4] - The CEO emphasized the advantages of inhalation therapies and the company's commitment to innovation in this field, aiming to create long-term value for shareholders [4] Group 2: Yunji Technology - Yunji Technology plans to list on the Hong Kong Stock Exchange on October 16, 2025, with the stock code "2670" [6] - The company holds a leading position in China's robot service AI market, with a 6.3% market share and a 13.9% share in the hotel service sector [6] - Its products are used in over 34,000 hotels globally, and it has established partnerships with major hotel groups [6] - Financially, Yunji Technology's revenue grew from 161 million yuan in 2022 to 245 million yuan in 2024, with a compound annual growth rate of 23.2% [8] Group 3: Qichacha Technology - Qichacha's IPO application was accepted on October 10, 2025, aiming to list on the Shanghai Stock Exchange [10] - The company provides comprehensive business data services, helping users understand various commercial entities' credit and risk [10] - As of June 2023, Qichacha had over 150 million registered users and ranked second in market share among business data service providers in China [11] - The company reported revenues of 518 million yuan in 2022, with a net profit margin exceeding 45% [12] Group 4: InxMed Limited - InxMed Limited submitted its prospectus for listing on the Hong Kong Stock Exchange, focusing on improving cancer treatment paradigms [14] - The company is the only one in China with a selective FAK inhibitor in late-stage clinical trials, with a product pipeline that includes ifebemtinib [14][15] - Ifebemtinib is positioned to be a leading treatment option for various cancers, with regulatory recognition for its clinical potential [15] - InxMed has secured over 929 million yuan in investments from notable institutions, with a pre-IPO valuation of 306 million USD [16][17]

Core Viewpoint - Qichacha Technology Co., Ltd. has received approval for its IPO application and plans to list on the Shanghai Stock Exchange main board [1] Group 1: Company Overview - Qichacha is a comprehensive service provider focused on the commercial big data sector, offering precise, efficient, and convenient information support through the integration of diverse data resources [3] - The company's services assist users in quickly understanding key information regarding credit status, potential risks, business opportunities, and industry insights related to various commercial entities, thereby enhancing decision-making efficiency and driving business development [3] Group 2: Financial Highlights - Major suppliers for Qichacha include Alibaba Group, Apple Advertising (Beijing) Co., Ltd., Baidu Group, and Huawei Software Technology Co., Ltd., highlighting the company's significant position in the industry chain [3] - For the upcoming IPO, Qichacha aims to raise 1.5 billion yuan, with planned allocations of 458 million yuan for C-end commercial big data product R&D upgrades, 171 million yuan for B-end commercial big data product R&D upgrades, 368 million yuan for multi-dimensional database upgrades, and 503 million yuan for AI R&D in commercial big data [5] - Qichacha's profitability is notable, with a gross margin of 90.74% in the first half of 2025, surpassing the industry average, which has ranged between 85% and 87% in recent years [7]

记者丨陈归辞 编辑丨方海平 10月10日，上交所官网显示，企查查科技股份有限公司（下称"企查查"）的IPO申请获受理，拟于上交 所主板挂牌上市，中信证券担任保荐人。 这意味着，企查查的发展和经营状况得到一定认可，开始正式冲击A股上市。 在企查查、天眼查、启信宝、爱企查四大国内商业大数据服务商的竞争格局中，启信宝母公司合合信息 已率先登陆科创板，企查查有望成为继其之后第二家于A股上市的企业。 企查查成立于2014年，发展至今已成为累计注册用户数超1.5亿、月活跃用户数超8000万、年付费用户 数超100万的知名商业大数据综合服务商。 本次冲击上市，企查查拟募集资金约15亿元，拟投资于企查查C端商业大数据产品研发升级项目、企查 查B端商业大数据产品研发升级项目、企查查多维大数据库升级项目、企查查商业大数据人工智能研发 项目。 企查查业绩数据随招股书浮出水面。招股书显示，截至2025年6月末，企查查累计注册用户已突破1.5 亿，2024年实现营收7.08亿元、净利润3.17亿元。 尽管近年来规模稳定增长，但21世纪经济报道记者也注意到，作为企业征信机构、商业大数据服务商， 企查查面临一些不可回避的来自征信业务、个人 ...

Core Viewpoint - Qichacha's IPO application has been accepted by the Shanghai Stock Exchange, indicating recognition of its development and operational status, and it aims to raise approximately 1.5 billion yuan for various data product upgrades and AI research projects [1][12]. Group 1: Company Overview - Qichacha, established in 2014, has become a prominent commercial big data service provider with over 150 million registered users and over 80 million monthly active users [3][10]. - The company is led by Chairman Chen Deqiang, who holds a controlling stake of 53% in Qichacha [5][3]. Group 2: Financial Performance - Qichacha's revenue has shown stable growth, increasing from 518 million yuan in 2022 to 708 million yuan in 2024, with a compound annual growth rate of 16.89% [13]. - The net profit also grew from 160 million yuan in 2022 to 298 million yuan in 2024, with a compound annual growth rate of 35.42% [13]. - The gross profit margin has remained high, reaching 90.74% in the first half of 2025 [13]. Group 3: Product and Revenue Structure - Qichacha's revenue is primarily derived from membership products, which accounted for over 84% of its total revenue in 2024 [7][8]. - The company serves both C-end and B-end clients, with C-end revenue making up over 70% of total income [9][10]. Group 4: Compliance and Legal Risks - Qichacha faces compliance challenges, including recent penalties for violating credit business regulations and ongoing lawsuits related to data accuracy and personal information protection [15][20]. - The company has acknowledged risks associated with litigation and personal data protection, indicating potential vulnerabilities in its data processing practices [20].

Core Viewpoint - Qichacha Technology Co., Ltd. has received approval for its IPO application to be listed on the Shanghai Stock Exchange, aiming to enhance its business data services and expand its market presence [1][2]. Group 1: Company Overview - Qichacha was established in 2014 and specializes in providing comprehensive business data services, helping users understand credit, risks, opportunities, and information related to various business entities [1]. - As of June 2025, Qichacha's cumulative registered users are projected to exceed 150 million, with significant growth in paid users over the years [1]. Group 2: Market Position - In 2023, Qichacha ranked second in market share among general business data service providers in China and first in mobile app downloads [1]. Group 3: B2B Business - The company serves multiple industries, including banking, securities, insurance, and government sectors, with partnerships with major clients such as five state-owned banks and over 200 law firms [2]. Group 4: Financial Performance - Qichacha's revenue for the reporting periods was 518 million RMB, 618 million RMB, 708 million RMB, and 375 million RMB, with net profits of 162 million RMB, 229 million RMB, 298 million RMB, and 161 million RMB after deducting non-recurring losses [2]. Group 5: IPO Details - The company plans to issue up to 40.25 million ordinary shares, accounting for 10% of the total share capital post-issue, raising approximately 1.5 billion RMB for various projects, including product development and AI research [2].

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].

Core Viewpoint - Qichacha Technology Co., Ltd. has submitted its prospectus to go public on the A-share main board, marking the first data service provider accepted by the Shanghai Stock Exchange following the release of the "Data Element × Three-Year Action Plan (2024-2026)" by 17 government departments, indicating strong market recognition and support for data service providers and third-party professional service institutions [1] Group 1: Company Overview - Founded in 2014, Qichacha is a comprehensive commercial big data service provider focused on data collection, cleaning, mining, analysis, and application across various sectors [1] - As of June 2025, Qichacha has over 150 million registered users and more than 80 million monthly active users [1][3] - The company has established a one-stop enterprise credit information big data service platform, recognized as a model project for public service digitalization by the Ministry of Industry and Information Technology [3] Group 2: Market Context - The inclusion of "data" as a production factor by the Fourth Plenary Session of the 19th Central Committee in 2019 and subsequent policies emphasize the importance of data in the digital economy [2] - The "Data Element × Three-Year Action Plan (2024-2026)" aims to encourage social capital investment in the data industry and support data companies in going public [2] Group 3: Financial Performance - Qichacha's revenue figures show stable growth, with revenues of 518.48 million yuan, 618.29 million yuan, 708.41 million yuan, and 375.41 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [3] - The company has established partnerships with major clients, including five state-owned banks, twelve joint-stock commercial banks, over 80 insurance companies, and more than 200 law firms [3] Group 4: Future Plans - The funds raised from the IPO will be invested in enhancing the company's data middle platform capabilities and artificial intelligence technology, aiming to strengthen technical barriers and improve product offerings for both C-end and B-end users [4] - Qichacha aims to leverage big data technology to serve more sectors of the real economy, promoting the digitalization of industries and the development of the digital economy [4]