Core Viewpoint - The company Qichacha is preparing for an IPO on the Shanghai Stock Exchange, following the listing of its parent company Hehe Information, and is recognized as a leading provider of commercial big data services in China with a significant user base and high gross margins [2][25]. Group 1: Company Overview - Qichacha, based in Suzhou, Jiangsu, has over 150 million registered users and holds the second-largest market share among general commercial big data service providers in China as of 2023 [2][9]. - The company primarily generates revenue through membership products, contributing over 80% of its total revenue during the reporting period from 2022 to mid-2025 [5][10]. Group 2: Revenue Model - The revenue breakdown for Qichacha shows that membership products accounted for approximately 84.25% of revenue in the first half of 2025, with professional versions and data interface services making up smaller portions [6][11]. - The company’s revenue for 2022, 2023, 2024, and the first half of 2025 was approximately 518 million, 618 million, 708 million, and 375 million yuan respectively, with net profits of about 190 million, 259 million, 317 million, and 172 million yuan [15]. Group 3: Market Position and Competition - Qichacha faces competition from other brands in the commercial big data service sector, including Tianyancha and Qixinbao, with a similar business model but varying service offerings [19]. - The company has a strong presence in the B2B market, with major clients including China Bank and Agricultural Bank, while its C-end revenue has consistently exceeded 76% of total revenue [9][10]. Group 4: Financial Health and Growth - The gross margin for Qichacha has been high, reaching 90.74% in the first half of 2025, which is comparable to industry peers [15][18]. - The company has maintained a relatively low R&D expense ratio compared to its competitors, which may impact its long-term competitiveness in the rapidly evolving AI and big data landscape [16][25]. Group 5: Future Prospects - Qichacha plans to raise approximately 1.5 billion yuan through its IPO to fund various projects aimed at upgrading its commercial big data products and enhancing its AI capabilities [24]. - The commercial big data service market in China is projected to grow from 50.1 billion yuan in 2023 to 115.3 billion yuan by 2028, indicating a compound annual growth rate of 18.1% [14].

Core Viewpoint - The IPO application of Qichacha Technology Co., Ltd. has been accepted, aiming to raise 1.5 billion RMB despite having substantial cash reserves and low liabilities, raising questions about the necessity of the fundraising [1][2][6]. Financial Position - Qichacha has over 1.7 billion RMB in broad monetary funds, with more than 75% of its assets in financial products, indicating a strong liquidity position [2][6]. - The company has almost zero interest-bearing debt, with short-term and long-term borrowings reported as zero [3][6]. - Revenue and net profit figures for 2022 to mid-2025 show consistent growth, with revenues of 5.18 billion RMB in 2022, 6.18 billion RMB in 2023, and 7.08 billion RMB in 2024, alongside net profits of 1.9 billion RMB, 2.59 billion RMB, and 3.17 billion RMB respectively [6][7]. IPO Details - The IPO plans to issue up to 40.25 million shares, representing 10% of the total post-issue share capital, with the raised funds allocated to various R&D projects [2][7]. - Approximately 40% of the raised funds will be used for personnel investments across different projects, indicating a significant focus on human resources in the development process [7]. Underwriting Concerns - The underwriting firm, CITIC Securities, has raised concerns regarding its independence, as its subsidiary invested in Qichacha shortly before the underwriting agreement was signed [8][10]. - The lack of disclosed pricing for the subsidiary's investment raises questions about transparency and valuation changes [11][12]. R&D Expenditure - Qichacha's R&D expense ratio is significantly lower than its peers, with rates of 18.02% in 2022, 17.45% in 2023, and 16.05% in the first half of 2025, compared to an average of 24.19% among comparable companies [15][16][17]. - The company claims that its R&D expenditure is within a reasonable range compared to competitors, despite being notably lower, which may impact its technological competitiveness in the rapidly evolving commercial big data service industry [17].

Core Viewpoint - Qichacha Technology Co., Ltd. has received approval for its IPO application, aiming to list on the Shanghai Stock Exchange, indicating recognition of its development and operational status [1] Group 1: Company Overview - Qichacha was established in 2014 and has grown to become a well-known commercial big data service provider with over 150 million registered users and over 80 million monthly active users [3][10] - The company is led by Chairman Chen Deqiang, who is also the controlling shareholder, holding 53% of the company's shares [3][6] Group 2: Financial Performance - Qichacha's revenue has shown stable growth, increasing from 518 million yuan in 2022 to 708 million yuan in 2024, with a compound annual growth rate of 16.89% [14] - The net profit has also increased from 160 million yuan in 2022 to 317 million yuan in 2024, with a compound annual growth rate of 35.42% [14] - As of the first half of 2025, Qichacha reported revenue of 375 million yuan and a net profit of 171 million yuan [14][16] Group 3: User and Revenue Growth - By mid-2025, Qichacha had over 150 million registered users and 8011 million monthly active users, with paid users reaching 548,300 [10][11] - The C-end business, primarily through membership products, accounted for over 76% of the main business revenue, with membership product revenue reaching 544 million yuan in 2024 [10][14] Group 4: Product and Service Structure - Qichacha's product offerings include membership products, professional versions, and data interface services, with membership products contributing over 84% of total revenue [8][10] - The company has integrated AI into its products since 2023 to enhance data value across the supply chain [8] Group 5: Compliance and Legal Issues - Qichacha faces compliance challenges, including recent penalties for violations related to credit business management, highlighting ongoing legal risks [17][18] - The company has been involved in multiple lawsuits related to reputation and infringement, with 151 recorded cases, indicating potential risks in its operational practices [18][22]