Core Insights - The article discusses the business model and financial performance of Qichacha, a company specializing in providing business information services, highlighting its high profitability and user growth challenges [4][18][32]. Financial Performance - Qichacha's gross profit margin reached 90.73% in the first half of 2025, closely rivaling that of Kweichow Moutai, which was 91.30% during the same period [4]. - From 2022 to 2024, Qichacha's revenue grew from 5.18 billion to 7.08 billion yuan, while net profit increased from 1.90 billion to 3.17 billion yuan, achieving a net profit margin of 44.7% [18]. - As of June 30, 2025, Qichacha had total assets of 2.09 billion yuan and a debt-to-asset ratio of 38.74% [5]. User Base and Membership - Qichacha had 548,300 paid users in the first half of 2025, with a total of 1.5 billion registered users by the end of June 2025 [12]. - The company primarily generates revenue from individual users (C-end) and corporate users (B-end), with C-end services accounting for over 75% of total revenue in recent years [9][12]. - The annual membership fee for C-end users is 388 yuan, with a discounted rate of 358 yuan for continuous annual subscriptions [12]. Business Model - Qichacha operates on a "data as a service" (DaaS) model, aggregating and processing publicly available information from various official sources to provide users with comprehensive business insights [9][12]. - The company has a low marginal cost for serving additional users due to its established data platform and technology infrastructure [18]. Challenges and Risks - User growth has slowed, with a decrease in new user registrations from 27.27 million in 2023 to 23.72 million in 2024 [19]. - The membership renewal rate was 56.55% in 2024, indicating potential challenges in retaining existing users [19]. - Qichacha has faced complaints regarding "induced consumption" and difficulties in refund processes, which could impact its brand reputation [28][30]. Competitive Landscape - Qichacha is one of several commercial inquiry platforms, facing competition from others like Tianyancha and Aiqicha, which have similar business models [19]. - The company is investing in AI technology to enhance its service offerings and maintain a competitive edge in the market [24][26]. Future Outlook - Qichacha plans to allocate approximately 10 billion yuan of its IPO proceeds towards product upgrades and AI development, aiming to improve its service capabilities [26]. - The company must address user growth stagnation, customer complaints, and data compliance risks to ensure sustainable growth and investor confidence [32].