Core Insights - In the era of globalization and digitalization, business data has become central to corporate decision-making [1] - AI is viewed as a gradual process of integration into various industries, similar to the evolution of computers [1] - The success of AI relies on high-quality data, advanced technologies, and a deep understanding of application scenarios [1] AI Development and Investment - AI is considered an industrial revolution, with significant capital investment raising concerns about return on investment [1] - The key to successful AI projects lies in rigorous evaluation to ensure they address specific problems [1] Data Management and Quality - Dun & Bradstreet, a global data and analytics-driven decision empowerment organization, has over 600 million enterprise data points [1] - The importance of data quality is emphasized over quantity, with advanced technologies used for data cleansing [1] Role of Trade Shows - The China International Import Expo (CIIE) serves as a platform for Dun & Bradstreet to connect with potential clients across various industries [1] - The expo also aids foreign enterprises in navigating the Chinese market, which is a significant aspect of Dun & Bradstreet's business [1]

Core Viewpoint - Qichacha Technology Co., Ltd. has received approval for its IPO on the Shanghai Stock Exchange, with CITIC Securities as the sponsor, aiming to enhance its position in the commercial big data service industry [3]. Company Overview - Founded in 2014, Qichacha is a professional commercial big data service provider, focusing on delivering accurate and efficient business data services to enhance decision-making and business development [3]. - According to the "China Commercial Big Data Service Industry Blue Book" and QuestMobile data, Qichacha ranks second in market share and first in mobile app downloads among general commercial big data service providers in China for 2023 [3]. Financial Performance - Projected revenues for Qichacha from 2022 to the first half of 2025 are as follows: 518 million yuan, 618 million yuan, 708 million yuan, and 375 million yuan respectively. Net profits for the same periods are projected at 190 million yuan, 259 million yuan, 317 million yuan, and 172 million yuan [3]. - As of June 30, 2025, total assets are reported at 2.089 billion yuan, with equity attributable to shareholders at 1.269 billion yuan and a debt-to-asset ratio of 38.74% [4]. - For the first half of 2025, net profit is projected at 171.54 million yuan, with a basic earnings per share of 0.47 yuan and a return on equity of 14.51% [5]. Shareholding Structure - The controlling shareholder and actual controller of Qichacha is Chen Deqiang, who directly holds 35.49% of the shares and controls a total of 53% through various entities [5]. - Other significant shareholders include Hehua Yuan with 16.34%, General Manager Yang Jing with 12.07%, and several investment firms holding smaller stakes [6]. Investment and Sponsorship - CITIC Investment, a wholly-owned subsidiary of CITIC Securities, has invested 2.25 million yuan in Qichacha, which is noteworthy as CITIC Securities is also the sponsor for Qichacha's IPO [8]. - The prospectus does not disclose the unit price and total price for historical capital increases or equity transfers, making it difficult to assess the company's valuation changes [10].

Core Viewpoint - Qichacha Technology Co., Ltd. has received approval for its IPO on the Shanghai Stock Exchange, aiming to enhance its position as a leading provider of commercial big data services in China [2]. Company Overview - Qichacha was established in 2014 and focuses on providing accurate, efficient, and convenient commercial data services to help users understand various business entities' credit, risks, opportunities, and information [2]. - The company aims to "uncover data value and enable efficient decision-making" as its mission [2]. Market Position - According to the "China Commercial Big Data Service Industry Blue Book" and QuestMobile data, Qichacha ranks second in market share and active mobile users among general commercial big data service providers in China for 2023, while holding the first position in mobile app downloads [2]. Financial Performance - Projected revenues for Qichacha from 2022 to the first half of 2025 are as follows: - 2022: 518 million CNY - 2023: 618 million CNY - 2024: 708 million CNY - First half of 2025: 375 million CNY - Projected net profits for the same period are: - 2022: 190 million CNY - 2023: 259 million CNY - 2024: 317 million CNY - First half of 2025: 172 million CNY [2]. Financial Metrics - As of June 30, 2025, total assets are reported at 2.09 billion CNY, with equity attributable to shareholders at 1.27 billion CNY and a debt-to-asset ratio of 38.74% [3]. - For the first half of 2025, net profit is reported at 171.54 million CNY, with a basic and diluted earnings per share of 0.47 CNY [4]. - The company has maintained a research and development expenditure ratio of approximately 16% of its revenue [4]. Shareholding Structure - The controlling shareholder and actual controller of Qichacha is Chen Deqiang, who holds 35.49% of the shares directly and controls an additional 17.5% indirectly, totaling 53% [4][5]. - Other significant shareholders include Hehua Yuan (16.34%), General Manager Yang Jing (12.07%), and several other investors with smaller stakes [5]. Management Team - Chen Deqiang serves as the Chairman, while his spouse, Ma Qun, is also a board member. Their respective pre-tax salaries in 2024 were 855,000 CNY and 412,300 CNY [7][8].

| 项目 | 2025年6月30日 | 2024 年 12月 31 日 | 202 | | --- | --- | --- | --- | | | /2025年1-6月 | /2024 年度 | | | 净利润(万元) | 17.154.06 | 31,744.81 | | | 归属于母公司所有者的 | 17.154.06 | 31,744.81 | | | 净利润(万元) | | | | | 扣除非经常性损益后归 属于母公司所有者的净 | 16.096.16 | 29.765.65 | | | 利润(万元) | | | | | 基本每股收益(元) | 0.47 | 0.88 | | | 稀释每股收益(元) | 0.47 | 0.88 | | | 加权平均净资产收益率 | 14.51% | 33.90% | | | 经营活动产生的现金流 | 23.667.51 | 42.505.92 | | | 量净额(万元) | | | | | 现金分红(万元) | - | l | | | 研发投入占营业收入的 | 16.05% | 16.56% | | | 比例 | | | | 截至本招股说明书签署日，企查查控股股东、实 ...