Core Viewpoint - Qichacha, a commercial data service provider, is pursuing an IPO to raise 1.5 billion yuan despite having substantial cash reserves, indicating a strategic move to enhance product capabilities and provide an exit channel for early investors [5][12][22]. Financial Performance - In the first half of 2025, Qichacha reported revenue of 375 million yuan and a net profit of 172 million yuan, with a compound annual growth rate of 16.89% from 2022 to 2025 [6][8]. - The company's gross margin reached 90.73% in the first half of 2025, comparable to that of Kweichow Moutai [11][12]. Business Model - Qichacha operates as a data aggregator, collecting and processing public data to offer membership products to individual users (C-end) and professional services to businesses (B-end), with over 75% of revenue coming from C-end services [5][11]. User Growth and Engagement - The total registered user base grew from 88.22 million in 2022 to 150.79 million in the first half of 2025, but the growth rate of new users has slowed significantly [25][28]. - Monthly active users decreased from 73.32% of total users in 2022 to 53.13% in the first half of 2025, indicating declining user engagement [28]. Legal and Compliance Challenges - Qichacha faces numerous legal challenges, with 281 ongoing lawsuits related to reputation and data usage compliance, which could impact its market reputation [29][30]. - The company has been penalized for non-compliance with credit business regulations, highlighting potential weaknesses in its compliance management [30]. Competitive Landscape - The commercial data service industry is highly competitive, with Qichacha ranking second in market share and mobile active users among its peers, including Tianyancha and Aiqicha [30][31].

2014年，喜欢打球的陈德强为了方便自己找场地，和朋友们一起做了个小工具，输入场馆名称，就能查到在工商部门的注册信息。 目前，市面上的商业数据服务平台有天眼查、企查查、启信宝、爱企查等等，产品较为同质化，但行业整体毛利率高达85%左右，可见需求规模和市场之 大。 毛利高、市场大的另一面，是并不很高的技术门槛和激烈的竞争。 企查查本次上市筹集的资金将被投入产品的研发升级，以及人工智能项目中。而招股书显示，这家盈利能力超强的公司，研发投入占营收比例从2022年的 18%，一路下降至2025年上半年的16%。以往赚到的钱一部分却被投入银行理财。公开资料显示，今年2月，企查查还投资3亿元建成了自己的大楼。 过去的十年间，商业数据的生意的确好做。但当AI崛起，人们获取信息的方式悄然发生变化，企查查们的日子还能像以前一样好过吗？ 堪比茅台的高毛利 企查查所做的数据生意，诞生于明确的政策导向之下。 2014年，我国开始完善信息公开制度，此后的一系列政策催生了一批提供企业信用信息查询服务的公司，企查查、天眼查、启信宝等都在其列。 这个工具挺受欢迎，尤其是陈德强身边做生意的朋友。彼时，中国正在推行工商登记制度改革，相关数据都要 ...