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].