Core Viewpoint - Qichacha Technology Co., Ltd. has changed its listing review status to "inquired" on the Shanghai Stock Exchange, aiming to raise 1.5 billion RMB for business expansion and product development [1] Company Overview - Qichacha is a professional commercial big data service provider established in 2014, focusing on data collection, cleaning, mining, analysis, and application across various sectors [1] - The company has become a key player in China's big data industry and digital economy development [1] Market Position - According to the "China Commercial Big Data Service Industry Blue Book" and QuestMobile data, Qichacha ranks second in market share among general commercial big data service providers in China and first in mobile app downloads [1] User Metrics - As of June 30, 2025, Qichacha is expected to have over 150 million registered users and more than 80 million monthly active users [1] Fundraising and Investment Plans - The company plans to allocate the raised funds to several projects, including: - C-end commercial big data product R&D upgrade: 458.19 million RMB - B-end commercial big data product R&D upgrade: 171.09 million RMB - Multi-dimensional database upgrade: 367.83 million RMB - AI R&D project for commercial big data: 503.09 million RMB - Total investment: 1.5 billion RMB [2] Financial Performance - Qichacha's revenue for the years 2022, 2023, 2024, and the first half of 2025 is projected to be approximately 518 million RMB, 618 million RMB, 708 million RMB, and 375 million RMB, respectively [2] - The net profit for the same periods is expected to be around 190 million RMB, 259 million RMB, 317 million RMB, and 172 million RMB [2] Financial Metrics - As of June 30, 2025, total assets are projected to be approximately 2.09 billion RMB, with equity attributable to shareholders of the parent company at around 1.27 billion RMB [3] - The asset-liability ratio is expected to decrease from 46.82% in 2023 to 38.74% in 2025 [3] - The basic earnings per share are projected to be 0.47 RMB for the first half of 2025, compared to 0.72 RMB in 2023 [4]

Core Viewpoint - Qichacha Technology Co., Ltd. has submitted its IPO application to the Shanghai Stock Exchange, aiming to raise 1.5 billion yuan, showcasing its growth as a leading commercial big data service provider with significant revenue and high profit margins [2][4]. Financial Performance - Qichacha's revenue for the years 2022 to the first half of 2025 is reported as 518 million yuan, 618 million yuan, 708 million yuan, and 375 million yuan respectively, with a compound annual growth rate of 16.89% [4]. - The net profit for the same periods is 190 million yuan, 259 million yuan, 317 million yuan, and 172 million yuan [4]. - The gross profit margins have consistently increased, reaching over 90% in the first half of 2025, comparable to leading companies in the liquor industry [5][6]. User Metrics - As of June 2023, Qichacha has over 150 million registered users and more than 80 million monthly active users [4]. - The number of paid users has increased, but the growth rate of new paid users has shown a decline, indicating potential challenges in user conversion [16][18]. Revenue Sources - Membership products contribute over 80% of Qichacha's revenue, with significant increases in average spending per paid user from 480 yuan in 2022 to 570 yuan by mid-2025 [11][14]. - The pricing for membership products has increased, with the annual VIP membership rising from 360 yuan to 388 yuan [11][12]. Competitive Landscape - Qichacha faces competition from other data service providers like Tianyancha, Qixinbao, and Aiqicha, which offer similar services and pricing structures [14][13]. - Despite strong financial metrics, Qichacha acknowledges the competitive pressures in pricing, service quality, and user experience [19]. Compliance and Legal Issues - The company has faced regulatory challenges, including a fine from the People's Bank of China for violating credit business management regulations [19]. - Qichacha has been involved in multiple legal disputes, primarily related to reputation rights, highlighting the need for improved data accuracy and user trust [19].

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 - The article discusses the IPO application of Qichacha Technology Co., Ltd., a leading commercial data service provider in China, which aims to raise 1.5 billion yuan through its listing on the Shanghai Stock Exchange. The company has shown significant growth in revenue and profitability, positioning itself as a strong player in the commercial data market [2][3]. Company Overview - Qichacha's IPO application was accepted in early October, with plans to list on the Shanghai Stock Exchange and raise 1.5 billion yuan [2]. - The company has experienced substantial growth, with a total market value of 23.688 billion yuan as of October 17, 2023, and a stock price increase of 206.63% since its initial offering [2]. - Qichacha has a user base significantly larger than its competitor, Qixinbao, with registered users and paying users being three times and six times larger, respectively [2]. Financial Performance - From 2022 to the first half of 2025, Qichacha reported cumulative revenue of 2.219 billion yuan and net profits totaling 938 million yuan, with a gross margin consistently exceeding 87% [3]. - The company's revenue has shown a steady increase, with figures of 518 million yuan, 618 million yuan, 708 million yuan, and 375 million yuan for the years 2022 to the first half of 2025, respectively [6]. - The cost of revenue has decreased slightly as a percentage of total revenue, indicating improved operational efficiency [6]. Business Model - Qichacha's revenue primarily comes from membership products, which account for approximately 85% of total revenue, with increasing prices for both VIP and SVIP memberships [7]. - The company has a diverse client base, including major state-owned banks and law firms, contributing to steady growth in B2B revenue [7]. - The gross margin for Qichacha's main business segments remains high, with membership products, professional versions, and data interface services contributing significantly to overall profitability [8]. Growth Strategy - The funds raised from the IPO will be used to enhance product performance and expand business operations, focusing on both C-end and B-end services [13]. - Continuous investment in data capabilities and artificial intelligence technology is planned to strengthen the company's market position and technical barriers [13]. Compliance and Risks - Qichacha faced a fine for violating credit business management regulations, highlighting potential compliance risks in its operations [9][10]. - The company has acknowledged various risks, including regulatory changes and competition, but maintains that it has measures in place to ensure data accuracy [12].

Core Viewpoint - Qichacha Technology Co., Ltd. has received approval for its IPO on the Shanghai Stock Exchange, with CITIC Securities as the sponsor, aiming to enhance its position in the commercial big data service industry [3]. Company Overview - Founded in 2014, Qichacha is a professional commercial big data service provider, focusing on delivering accurate and efficient business data services to enhance decision-making and business development [3]. - According to the "China Commercial Big Data Service Industry Blue Book" and QuestMobile data, Qichacha ranks second in market share and first in mobile app downloads among general commercial big data service providers in China for 2023 [3]. Financial Performance - Projected revenues for Qichacha from 2022 to the first half of 2025 are as follows: 518 million yuan, 618 million yuan, 708 million yuan, and 375 million yuan respectively. Net profits for the same periods are projected at 190 million yuan, 259 million yuan, 317 million yuan, and 172 million yuan [3]. - As of June 30, 2025, total assets are reported at 2.089 billion yuan, with equity attributable to shareholders at 1.269 billion yuan and a debt-to-asset ratio of 38.74% [4]. - For the first half of 2025, net profit is projected at 171.54 million yuan, with a basic earnings per share of 0.47 yuan and a return on equity of 14.51% [5]. Shareholding Structure - The controlling shareholder and actual controller of Qichacha is Chen Deqiang, who directly holds 35.49% of the shares and controls a total of 53% through various entities [5]. - Other significant shareholders include Hehua Yuan with 16.34%, General Manager Yang Jing with 12.07%, and several investment firms holding smaller stakes [6]. Investment and Sponsorship - CITIC Investment, a wholly-owned subsidiary of CITIC Securities, has invested 2.25 million yuan in Qichacha, which is noteworthy as CITIC Securities is also the sponsor for Qichacha's IPO [8]. - The prospectus does not disclose the unit price and total price for historical capital increases or equity transfers, making it difficult to assess the company's valuation changes [10].

Core Insights - The article highlights the increasing importance of commercial big data services in the digital transformation era, with Qichacha being a notable player in this field, recently submitting its IPO application to the Shanghai Stock Exchange [1][2] - Despite impressive past financial performance, concerns arise regarding slowing new user growth and increasing churn rates, alongside uncertainties related to major shareholder sell-offs and the involvement of affiliated parties in the IPO process [1][4] Financial Performance - Qichacha's revenue grew from 518 million to 708 million yuan from 2022 to 2024, with a compound annual growth rate (CAGR) of 16.89%, while net profit increased from 162 million to 298 million yuan, achieving a CAGR of 35.42% [4] - The company's gross margin reached 90% in the first half of 2025, with a steady increase from 87.24% in 2022, indicating strong profitability comparable to industry leaders [4] User Metrics - As of June 2025, Qichacha had over 150 million registered users, with monthly active users exceeding 80 million, although the proportion of active users relative to total users has declined from 73.32% to 53.13% from 2022 to 2025 [2][11] - The number of paying users has shown a concerning trend, with a significant drop in new paying users in 2025 compared to previous years, raising questions about user retention and engagement [12][13] Shareholder Dynamics - Qichacha has undergone multiple financing rounds since its establishment, with the latest valuation reaching 10 billion yuan. Notably, major shareholder Wande Information reduced its stake prior to the IPO, indicating potential liquidity events for early investors [16][17] Investment Plans - The company plans to raise 1.5 billion yuan for various R&D projects, although its R&D expenditure as a percentage of revenue is below the industry average, suggesting potential areas for improvement in innovation investment [6][7]

Core Viewpoint - Qichacha Technology Co., Ltd. has received approval for its IPO on the Shanghai Stock Exchange, aiming to enhance its position as a leading provider of commercial big data services in China [2]. Company Overview - Qichacha was established in 2014 and focuses on providing accurate, efficient, and convenient commercial data services to help users understand various business entities' credit, risks, opportunities, and information [2]. - The company aims to "uncover data value and enable efficient decision-making" as its mission [2]. Market Position - According to the "China Commercial Big Data Service Industry Blue Book" and QuestMobile data, Qichacha ranks second in market share and active mobile users among general commercial big data service providers in China for 2023, while holding the first position in mobile app downloads [2]. Financial Performance - Projected revenues for Qichacha from 2022 to the first half of 2025 are as follows: - 2022: 518 million CNY - 2023: 618 million CNY - 2024: 708 million CNY - First half of 2025: 375 million CNY - Projected net profits for the same period are: - 2022: 190 million CNY - 2023: 259 million CNY - 2024: 317 million CNY - First half of 2025: 172 million CNY [2]. Financial Metrics - As of June 30, 2025, total assets are reported at 2.09 billion CNY, with equity attributable to shareholders at 1.27 billion CNY and a debt-to-asset ratio of 38.74% [3]. - For the first half of 2025, net profit is reported at 171.54 million CNY, with a basic and diluted earnings per share of 0.47 CNY [4]. - The company has maintained a research and development expenditure ratio of approximately 16% of its revenue [4]. Shareholding Structure - The controlling shareholder and actual controller of Qichacha is Chen Deqiang, who holds 35.49% of the shares directly and controls an additional 17.5% indirectly, totaling 53% [4][5]. - Other significant shareholders include Hehua Yuan (16.34%), General Manager Yang Jing (12.07%), and several other investors with smaller stakes [5]. Management Team - Chen Deqiang serves as the Chairman, while his spouse, Ma Qun, is also a board member. Their respective pre-tax salaries in 2024 were 855,000 CNY and 412,300 CNY [7][8].

Core Viewpoint - The article discusses the recent developments regarding Qichacha's IPO application and its financial performance, highlighting its revenue growth, cash flow management, and competitive challenges in the commercial data service market. Group 1: IPO and Financial Performance - Qichacha's parent company, Qichacha Technology Co., Ltd., has had its main board IPO application accepted by the Shanghai Stock Exchange [1] - In 2024, Qichacha reported revenue of 708 million yuan and a net profit of 317 million yuan, representing year-on-year growth of 15% and 23% respectively [1] - The company has a fundraising plan of 1.5 billion yuan for its IPO, which raises questions about the necessity of this fundraising given its current cash reserves [2][11] Group 2: Revenue Sources and Cash Flow - Qichacha generates significant cash flow through subscription fees, with a total of 480 million yuan in contract liabilities and advance payments by the end of 2024, accounting for nearly 70% of its revenue [4][12] - The company has over 1 million paying users, contributing an average of 597.41 yuan each annually [4] - By the end of 2024, Qichacha's cash and trading financial assets totaled 1.479 billion yuan, indicating strong liquidity [10] Group 3: Competitive Landscape - Qichacha faces intense competition from peers like Hehe Information, which has a more diversified product offering and higher revenue [12][13] - The user growth rate for Qichacha has slowed, with a 21% year-on-year increase in registered users by the end of 2024, down from previous growth rates [17] - Qichacha's subscription fees are the highest among its competitors, which may impact its market share as rivals engage in price wars [18] Group 4: Cost Management and Profitability - In response to market competition, Qichacha has focused on maintaining profitability by reducing promotional expenses, resulting in a sales expense ratio of 15.88%, down 4.54 percentage points year-on-year [19] - The company's net profit margin reached 44.81% in 2024, which is significantly higher than that of its competitors [19]

Core Viewpoint - The company Qichacha has received approval for its IPO application on the Shanghai Stock Exchange, aiming to become the first enterprise credit service provider listed on the A-share main board in China, with a planned fundraising of 1.5 billion yuan [2][3]. Group 1: IPO and Funding - Qichacha plans to use the raised funds primarily for the development and upgrade of C-end and B-end commercial big data products, as well as for a multi-dimensional database upgrade and AI research projects [2]. - This IPO marks the first acceptance of a data service provider by the Shanghai Stock Exchange following the release of the "Data Element × Three-Year Action Plan (2024-2026)" by the National Data Bureau and 17 other departments [2][3]. Group 2: Market Growth and Financial Performance - The Chinese commercial big data service market has experienced a compound annual growth rate (CAGR) of 16.7% from 2018 to 2023, projected to reach 28.7 billion yuan by 2028 with a CAGR of 14.0% [5]. - Qichacha's revenue is expected to grow from 518 million yuan in 2022 to 708 million yuan in 2024, with a CAGR of 16.89%, and its net profit is projected to increase from 162 million yuan to 298 million yuan, reflecting a CAGR of 35.42% [6]. Group 3: Business Model and User Base - Qichacha has established a robust C-end membership business, with over 150 million registered users and 8 million monthly active users as of June 2025, contributing to over 76% of its revenue [10]. - The company has seen a significant increase in its SVIP membership, with a CAGR of 44.78% over the past three years, indicating strong demand for its premium services [10]. Group 4: B-end Market Expansion - Qichacha is actively expanding its B-end market, with revenue from B-end services growing from 106 million yuan in 2022 to 164 million yuan in 2024, and reaching 89.7 million yuan in the first half of 2025 [12]. - The company has established partnerships with major banks, securities firms, and insurance companies, indicating a strong foothold in the B-end market [12]. Group 5: Technological Advancements - Qichacha holds 73 core patents and emphasizes self-research and development, positioning itself as a technology-intensive enterprise [14]. - The company's "one-stop enterprise credit information big data service platform" has been recognized as a model project in the digital public service sector, highlighting its commitment to technological innovation [15].

Core Insights - The company Qichacha has made significant progress towards its IPO, with its application accepted by the Shanghai Stock Exchange on October 10, 2023, marking a crucial step in its journey to go public [2][10]. Company Background - Qichacha was founded in March 2014 by Chen Deqiang and his team, initially as a tool to help users find sports venues by providing business registration information [3][4]. - The company has evolved from a small startup with fewer than 30 employees and an initial angel investment of 2.2 million yuan to a valuation nearing 10 billion yuan, with a new headquarters built at a cost of 300 million yuan [2][5]. Business Model and Revenue - Qichacha primarily generates revenue through a membership-based data query service, with C-end membership income accounting for 75%-78% of its main revenue from 2022 to 2024 [8][9]. - The company has a strong customer base, with over 1.5 million registered users and more than 800,000 monthly active users as of June 2025, indicating high user engagement and retention [13]. Financial Performance - Qichacha's revenue has shown steady growth, with figures of 518 million yuan, 618 million yuan, and 708 million yuan from 2022 to 2024, reflecting a compound annual growth rate of 16.89% [12]. - The net profit increased from 162 million yuan in 2022 to 298 million yuan in 2024, with a net profit margin rising from 31% to 42% during the same period [12]. Competitive Landscape - Qichacha competes with Tianyancha and Qixinbao in the enterprise information query sector, forming a competitive triad known as "the three checks" [14][15]. - Despite facing competition, Qichacha has maintained a strong market position, being the first to achieve profitability in 2015 and holding a significant share of the market [14]. Future Prospects - The company plans to raise 1.5 billion yuan through its IPO, with funds allocated for upgrading C-end and B-end products, enhancing its database, and investing in AI research [13]. - Qichacha aims to leverage its IPO to accelerate technological innovation and business expansion, positioning itself as a leading player in the data service industry [19].