Core Viewpoint - Qichacha, a commercial data service provider, is pursuing an IPO to raise 1.5 billion yuan despite having substantial cash reserves, indicating a strategic move to enhance product capabilities and provide an exit channel for early investors [5][12][22]. Financial Performance - In the first half of 2025, Qichacha reported revenue of 375 million yuan and a net profit of 172 million yuan, with a compound annual growth rate of 16.89% from 2022 to 2025 [6][8]. - The company's gross margin reached 90.73% in the first half of 2025, comparable to that of Kweichow Moutai [11][12]. Business Model - Qichacha operates as a data aggregator, collecting and processing public data to offer membership products to individual users (C-end) and professional services to businesses (B-end), with over 75% of revenue coming from C-end services [5][11]. User Growth and Engagement - The total registered user base grew from 88.22 million in 2022 to 150.79 million in the first half of 2025, but the growth rate of new users has slowed significantly [25][28]. - Monthly active users decreased from 73.32% of total users in 2022 to 53.13% in the first half of 2025, indicating declining user engagement [28]. Legal and Compliance Challenges - Qichacha faces numerous legal challenges, with 281 ongoing lawsuits related to reputation and data usage compliance, which could impact its market reputation [29][30]. - The company has been penalized for non-compliance with credit business regulations, highlighting potential weaknesses in its compliance management [30]. Competitive Landscape - The commercial data service industry is highly competitive, with Qichacha ranking second in market share and mobile active users among its peers, including Tianyancha and Aiqicha [30][31].

Core Viewpoint - Qichacha Technology Co., Ltd. has submitted its IPO application to the Shanghai Stock Exchange, aiming to raise 1.5 billion yuan, showcasing its growth as a leading commercial big data service provider with significant revenue and high profit margins [2][4]. Financial Performance - Qichacha's revenue for the years 2022 to the first half of 2025 is reported as 518 million yuan, 618 million yuan, 708 million yuan, and 375 million yuan respectively, with a compound annual growth rate of 16.89% [4]. - The net profit for the same periods is 190 million yuan, 259 million yuan, 317 million yuan, and 172 million yuan [4]. - The gross profit margins have consistently increased, reaching over 90% in the first half of 2025, comparable to leading companies in the liquor industry [5][6]. User Metrics - As of June 2023, Qichacha has over 150 million registered users and more than 80 million monthly active users [4]. - The number of paid users has increased, but the growth rate of new paid users has shown a decline, indicating potential challenges in user conversion [16][18]. Revenue Sources - Membership products contribute over 80% of Qichacha's revenue, with significant increases in average spending per paid user from 480 yuan in 2022 to 570 yuan by mid-2025 [11][14]. - The pricing for membership products has increased, with the annual VIP membership rising from 360 yuan to 388 yuan [11][12]. Competitive Landscape - Qichacha faces competition from other data service providers like Tianyancha, Qixinbao, and Aiqicha, which offer similar services and pricing structures [14][13]. - Despite strong financial metrics, Qichacha acknowledges the competitive pressures in pricing, service quality, and user experience [19]. Compliance and Legal Issues - The company has faced regulatory challenges, including a fine from the People's Bank of China for violating credit business management regulations [19]. - Qichacha has been involved in multiple legal disputes, primarily related to reputation rights, highlighting the need for improved data accuracy and user trust [19].

Core Viewpoint - Qichacha Technology Co., Ltd. has submitted its prospectus for an initial public offering (IPO) on the Shanghai Stock Exchange, aiming to raise approximately RMB 150 million for various big data product development projects [1][2]. Financial Performance - The company reported revenues of RMB 51.85 million, RMB 61.83 million, RMB 70.84 million, and RMB 37.54 million for the years 2022, 2023, 2024, and the first half of 2025, respectively [3][4]. - Net profits for the same periods were RMB 19.04 million, RMB 25.88 million, RMB 31.74 million, and RMB 17.15 million, with net profits attributable to the parent company after deducting non-recurring gains and losses being RMB 16.23 million, RMB 22.94 million, RMB 29.77 million, and RMB 16.10 million [3][4]. User Engagement - The average monthly active users (MAU) decreased from 64.68 million in 2022 to 80.11 million in the first half of 2025, with the proportion of active users dropping from 73.32% to 53.13% of total registered users [5]. - The number of paying users declined, with 406,100 and 529,000 users stopping their subscriptions in 2023 and 2024, respectively [5]. Shareholder Structure - The controlling shareholder of Qichacha is Chen Deqiang, who holds 35.49% of the shares directly and controls an additional 17.50% indirectly, totaling 53.00% [3]. Fundraising Allocation - The funds raised from the IPO will be allocated to four main projects: 1. C-end big data product development (RMB 45.82 million) 2. B-end big data product development (RMB 17.11 million) 3. Multi-dimensional database upgrade (RMB 36.78 million) 4. AI research and development for big data (RMB 50.31 million) [2]. Legal Issues - Qichacha has faced multiple lawsuits related to its credit reporting business, with 94 cases currently involving the company as a defendant [10]. - The company was fined RMB 10,000 by the People's Bank of China for violating credit business management regulations [12][13]. Underwriter Information - The lead underwriter for the IPO is CITIC Securities Co., Ltd., with representatives Wang Jiayu and Lu Lijun [6]. - CITIC Investment, a subsidiary of CITIC Securities, holds a 0.62% stake in Qichacha, raising questions about potential conflicts of interest [7]. Shareholder Transactions - The second-largest shareholder, Wind Information, transferred shares prior to the IPO, indicating a partial cash-out of their investment [8][9].

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].

就在昨天，一家大数据超级独角兽要IPO了，提交招股书，冲刺A股主板。它的名字，相信大多数人都熟悉，它就是企查查。 现在，国家也支持数据类公司上市。2023年12月，国家数据局等17部门印发《"数据要素 ×" 三年行动计划（2024—2026 年）》，提出要发挥数据要素的乘 数效应，支持数据商上市融资——文件印发后，企查查是首个上交所主板受理的数据服务商申报企业。 借着企查查的IPO契机，我们来看看，商业大数据赛道还有哪些新机会？ 01 创业始末 2014年2月，陈德强、杨京等人在筹备一个创业项目，主要提供租场地服务，如篮球场、羽毛球馆等。几个人先从场地谈合作做起，在江苏做了一个月，杨 发现有个问题很麻烦。"有人说这个场馆是他的，你跟他聊半天，才知道他只是个中间人，不是老板。" 后续，他们做了一个微信公号查询工具。在上面输入一个场馆的名字，就能查询它在工商局的注册信息，马上看到老板是谁。 招股书显示，成立于2014年的企查查，总部在苏州，是一家商业大数据综合服务商，旗下产品有企查查APP、企查查专业版、数据接口服务等数据产品。截 止2025年6月，累计注册用户数超1.5亿，月活超8000万。 值得一提的是，过去 ...

Core Viewpoint - Qichacha's IPO application has been accepted by the Shanghai Stock Exchange, indicating recognition of its development and operational status, and it aims to raise approximately 1.5 billion yuan for various data product upgrades and AI research projects [1][12]. Group 1: Company Overview - Qichacha, established in 2014, has become a prominent 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 holds a controlling stake of 53% in Qichacha [5][3]. 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% [13]. - The net profit also grew from 160 million yuan in 2022 to 298 million yuan in 2024, with a compound annual growth rate of 35.42% [13]. - The gross profit margin has remained high, reaching 90.74% in the first half of 2025 [13]. Group 3: Product and Revenue Structure - Qichacha's revenue is primarily derived from membership products, which accounted for over 84% of its total revenue in 2024 [7][8]. - The company serves both C-end and B-end clients, with C-end revenue making up over 70% of total income [9][10]. Group 4: Compliance and Legal Risks - Qichacha faces compliance challenges, including recent penalties for violating credit business regulations and ongoing lawsuits related to data accuracy and personal information protection [15][20]. - The company has acknowledged risks associated with litigation and personal data protection, indicating potential vulnerabilities in its data processing practices [20].

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]

Core Viewpoint - Qichacha Technology Co., Ltd. has been accepted for an IPO on the Shanghai Stock Exchange, aiming to raise 1.5 billion yuan, highlighting its position as a leading player in the commercial big data service industry in China [1][2]. Group 1: Company Overview - Qichacha, established in 2014, specializes in the collection, cleaning, mining, and analysis of commercial big data, becoming a key player in China's big data industry and digital economy development [1]. - The company's products serve various business scenarios, including commercial transactions, risk management, financial services, and legal affairs, enhancing information accessibility for individual users and decision-making efficiency for enterprise users [1]. Group 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 top position in mobile app downloads [1]. Group 3: Fundraising and Investment Plans - The funds raised will be invested in enhancing the performance of C-end membership products and B-end professional versions, as well as data interface services, through increased equipment, technical talent, and cloud resources [2]. - Continuous research and development in data capabilities and artificial intelligence technology are planned to strengthen the company's technological barriers and expand market share [2]. Group 4: Financial Performance - As of June 2025, Qichacha has over 150 million registered users and more than 80 million monthly active users, with revenue growth from 518.482946 million yuan in 2022 to 708.412687 million yuan in 2024, reflecting a compound annual growth rate of 16.89% [3].

Core Viewpoint - Qichacha Technology Co., Ltd. has officially received acceptance for its A-share listing application on the Shanghai Stock Exchange, marking a significant step towards entering the domestic capital market [1] Group 1: Company Overview - Qichacha, established in 2014, is a leading provider of commercial big data services in China, focusing on data collection, cleaning, mining, analysis, and application across various sectors [2] - The company has over 150 million registered users and more than 80 million monthly active users as of June 2025 [2] - Qichacha ranks second in market share among general commercial big data service providers in China and leads in app download volume [2] Group 2: Policy Support - The listing application coincides with a critical period for national data strategy implementation, with the government encouraging social capital investment in the data industry [3] - The establishment of the National Data Bureau in 2023 has shown a strong focus on industry benchmark companies like Qichacha [3] - Policies have been introduced to support the legal development and utilization of data resources, fostering a transparent environment for data circulation [3] Group 3: Business Performance - Qichacha has shown stable growth in various data metrics, with average monthly active users exceeding 80 million [5] - The company has established partnerships with major clients, including five state-owned banks and over 200 law firms [5] - Financial performance indicates steady growth, with revenues increasing from 518.48 million yuan in 2022 to 708.41 million yuan by the end of 2024 [5] Group 4: Profitability and Future Plans - The company's net profit has grown from 162.30 million yuan in 2022 to 297.66 million yuan by the end of 2024, reflecting a compound annual growth rate of 35.42% [6] - The funds raised from the IPO will be invested in enhancing data capabilities and artificial intelligence technology, aiming to strengthen the company's market position [6] - Qichacha plans to leverage its listing to optimize R&D investments and expand its application of big data technologies in various economic sectors [6]