Core Insights - Company "Qichacha" has reported an annual revenue of 700 million yuan with a gross margin exceeding 90% [3] - The company has submitted its IPO application to the Shanghai Stock Exchange, which has been accepted [4] - Qichacha is the first data service provider to be accepted for IPO following the release of the national "Data Element × Three-Year Action Plan (2024-2026)" [6] Financial Performance - As of June 30, 2025, Qichacha's total assets amounted to 2.089 billion yuan, with equity attributable to shareholders of 1.270 billion yuan and a debt-to-asset ratio of 38.74% [8] - Revenue figures for the years 2022 to 2025 are as follows: 518 million yuan (2022), 618 million yuan (2023), 708 million yuan (2024), and 375 million yuan for the first half of 2025 [8] - Net profit for the same periods was reported as 190 million yuan (2022), 259 million yuan (2023), 317 million yuan (2024), and 172 million yuan for the first half of 2025 [8] Business Model and Products - Qichacha operates a dual business model, offering C-end products (consumer-facing) and B-end products (business-facing) [6] - The C-end products are primarily membership-based, while B-end products are marketed through a direct sales approach [6] - The company has a diverse client base, including major banks, insurance companies, and law firms [6] Market Position - Qichacha ranks first in mobile app downloads among general business data service providers in China for 2023 [7] - The company has maintained a high gross margin, with figures reported at 87.24%, 88.51%, 88.81%, and 90.74% for the respective years [10][11] IPO Details - Qichacha plans to raise approximately 1.5 billion yuan through its IPO, issuing no more than 40.25 million shares, which will represent 10% of the total post-IPO share capital [20] - The funds raised will be allocated to various projects aimed at enhancing product capabilities and expanding market presence [21][22] Shareholder Information - The controlling shareholder of Qichacha is Chen Deqiang, who holds a direct stake of 35.49% and additional indirect stakes, totaling 53% [12] - The company has recently attracted investment from state-owned enterprises and financial institutions, including CITIC Securities [17][15]

Core Viewpoint - Qichacha Technology Co., Ltd. has received approval for its IPO application to be listed on the Shanghai Stock Exchange, marking it as the first data service provider to be accepted since the release of the "Data Element × Three-Year Action Plan (2024-2026)" by the National Data Bureau and 17 other departments [2][3]. Group 1: Company Overview - Qichacha is a comprehensive commercial big data service provider, having completed its D+ round of financing in October 2023 with a valuation of nearly 10 billion yuan [3]. - As of June 2025, Qichacha has over 150 million registered users and more than 80 million monthly active users [3]. - The company offers various data products for both C-end (consumer) and B-end (business) users, including membership-based services and professional data tools [5]. Group 2: Financial Performance - Qichacha's total assets as of June 30, 2025, are 2.089 billion yuan, with equity attributable to shareholders amounting to 1.270 billion yuan and a debt-to-asset ratio of 38.74% [7]. - The company's revenue for the years 2022, 2023, 2024, and the first half of 2025 were 518 million yuan, 618 million yuan, 708 million yuan, and 375 million yuan respectively, while net profits for the same periods were 190 million yuan, 259 million yuan, 317 million yuan, and 172 million yuan [6][8]. Group 3: Shareholder Structure - The controlling shareholder and actual controller of Qichacha is Chen Deqiang, who directly holds 35.49% of the shares and indirectly controls an additional 17.5% through partnerships, totaling 53% [10]. - The company has introduced investment from state-owned assets in Suzhou and from CITIC Securities prior to its IPO [11][15]. Group 4: IPO Details - Qichacha plans to issue no more than 40.25 million shares, accounting for 10% of its total share capital post-IPO, with expected fundraising of approximately 1.5 billion yuan [19]. - The proceeds from the IPO will be directed towards enhancing product capabilities and technological advancements, including upgrades to both C-end and B-end data products and the development of artificial intelligence technologies [21].

Core Viewpoint - Qichacha Technology Co., Ltd. is seeking to go public on the Shanghai Stock Exchange, aiming to raise 1.5 billion yuan, marking its official entry into the A-share market [2][3]. Company Overview - Qichacha is a leading provider of comprehensive commercial big data services in China, focusing on delivering accurate and efficient business data services to help users understand various commercial entities' credit, risks, opportunities, and information [3][4]. - As of June 2025, Qichacha has accumulated over 150 million registered users, indicating its growing popularity as an essential app for users [2][3]. Financial Performance - The company reported revenues of approximately 5.18 billion yuan, 6.18 billion yuan, 7.08 billion yuan, and 3.75 billion yuan for the years 2022 to 2025 (first half), with corresponding net profits of about 1.9 billion yuan, 2.59 billion yuan, 3.17 billion yuan, and 1.72 billion yuan [4]. - Qichacha's gross profit margins have consistently remained high, with figures of 87.24%, 88.51%, 88.81%, and 90.74% during the reporting periods [6]. User and Revenue Composition - Over 70% of Qichacha's revenue comes from C-end (consumer) clients, with C-end business revenues of 4.12 billion yuan, 4.88 billion yuan, 5.44 billion yuan, and 2.86 billion yuan, representing 79.51%, 78.89%, 76.87%, and 76.11% of total revenue respectively [8]. - The company's membership products, including VIP and SVIP memberships, are the primary revenue drivers, accounting for a significant portion of the total income [9][10]. Competitive Landscape - Qichacha competes with other notable brands in the commercial big data service sector, such as Tianyancha, Qixinbao, and Aiqichacha, with the latter's parent company already listed on the STAR Market [4][5]. - Internationally, Qichacha faces competition from established firms like Dun & Bradstreet, IHS Markit, and Moody's, which have built strong brand advantages in enterprise-level commercial data services [4]. Future Prospects - The IPO is expected to enhance Qichacha's brand recognition and market acceptance of its products, while also providing opportunities for strategic mergers and acquisitions to strengthen its business layout in the commercial big data service industry [5].