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 Viewpoint - Qichacha Technology Co., Ltd. has submitted its prospectus to the Shanghai Stock Exchange, aiming to become the first commercial data stock in A-shares, marking a significant development in the data service sector following the release of the "Data Element ×" three-year action plan [1][3][7]. Company Overview - Founded in March 2014, Qichacha broke down barriers in commercial information queries, allowing users to verify corporate credit information easily and for free, which led to rapid market penetration [4]. - As of June 2025, Qichacha has over 150 million registered users and 80 million monthly active users, creating a strong user base that is difficult to replicate [4][6]. Business Model and Growth - Qichacha's business model leverages its C-end market brand recognition to empower B-end services, providing data cleaning and governance technology to various industries, including finance and law [6]. - Revenue has grown from 518 million yuan in 2022 to 708 million yuan in 2024, with a compound annual growth rate of 16.89%. In the first half of 2025, revenue reached 375 million yuan, indicating a stable growth trend [6]. IPO Plans and Funding - The company plans to raise 1.5 billion yuan through its IPO, with all funds allocated for technological upgrades, including 503 million yuan for AI research and development, highlighting its commitment to an AI-driven transformation [6]. Industry Context - Qichacha is the first commercial data service provider to apply for an A-share listing since the release of the "Data Element ×" action plan, which emphasizes support for data companies seeking to go public [7]. - The successful IPO of Qichacha is expected to stimulate interest in the data element sector, with predictions of 5-10 similar companies initiating IPOs between 2025 and 2026 [7]. Market Trends and Insights - The market's valuation logic for data service providers has evolved, with previous listings providing insights into potential investor expectations [8]. - Following the listing of data aggregation companies, there has been a 37% year-on-year increase in financing events within the data element sector, indicating growing investor interest [11]. Strategic Insights - Key takeaways for aspiring data entrepreneurs include maintaining a focus on "data productization," balancing technology investment with commercialization, and adhering to regulatory compliance [12][13]. - The integration of AI and data is creating new opportunities, with emerging sectors such as vector databases and synthetic data gaining traction [14].