Core Viewpoint - Tianxiaxiu (stock code: 600556) reported a steady performance in Q1 2025, achieving revenue of 897 million yuan and a net profit attributable to shareholders of 13.33 million yuan, reflecting a 44.99% year-on-year growth in net profit after excluding non-recurring gains and losses [1][2] Financial Performance - The company achieved a revenue of 897 million yuan in Q1 2025, with a net profit of 13.33 million yuan [1] - The net profit attributable to shareholders, excluding non-recurring gains, reached 12.96 million yuan, marking a year-on-year increase of 44.99% [1] Business Strategy and Development - Tianxiaxiu is positioned as the first red economy platform enterprise in A-shares, focusing on building a decentralized infrastructure for the red economy through technology [1] - The company reported an annual revenue exceeding 4 billion yuan in 2024, demonstrating resilience through optimized business structure and resource integration [1] - In Q1 2025, R&D expenses amounted to 21.99 million yuan, emphasizing the "AI + Going Global" strategy to drive innovation in business models [1] Technological Advancements - The company’s Hashii chain technology supported the cultural and creative brand alliance chain, successfully conducting "Digital Cultural Tourism. City Check-in" activities during the 2025 Spring Festival [1] - Tianxiaxiu's enterprise-level AIGC platform "Linggan Island" underwent a significant upgrade, reducing the time to extract successful patterns from historical data from minutes to 28 seconds and lowering single-generation costs to one-third of the industry average [2] Global Strategy - The global strategy of Tianxiaxiu has gained market attention, with the company leveraging domestic and international resource synergies to support Chinese brands going global and provide cross-regional marketing for overseas local brands [2] - The company aims to adhere to the "super connector" strategy, driving the upgrade of the entire red economy industry chain through technology [2]

Group 1 - The company reported a revenue of 897 million yuan and a net profit attributable to shareholders of 13.33 million yuan for Q1 2025, with a year-on-year net profit growth of 44.99% after excluding non-recurring gains and losses [1] - The company focuses on the influencer economy, providing services to content creators, MCNs, and brands, aiming to enhance business efficiency through technology-driven solutions [1] - R&D expenses reached 21.99 million yuan, with a focus on AI and blockchain technologies, enhancing content production efficiency for e-commerce [2] Group 2 - The "CONNECT 2025" partner conference was held, discussing new technologies and ecosystems in influencer marketing, and launching a strategic partnership plan for 2025 [3] - The company’s AIGC platform "Linggan Island" significantly improved its product iteration, reducing the time to extract successful product patterns from historical data to 28 seconds and lowering generation costs to one-third of the industry average [2] - The company is leveraging blockchain technology to support cultural brands and has implemented digital tourism projects in various cities during the 2025 Spring Festival [2]

前十大流通股东累计持有： 79815.72万股，累计占流通股比： 44.15%，较上期变化： -4513.82万 股。 | 名称 | 持有数量(万股) | 占总股本比例(%) | 增减情况(万股) | | --- | --- | --- | --- | | ShowWorld HongKong Limited | 33261.58 | 18.40 | 不变 | | WB Online Investment Limited | 14772.66 | 8.17 | 不变 | | 北海利兹利投资合伙企业(有限合伙) | 12718.64 | 7.04 | 不变 | | 北海永盟投资合伙企业(有限合伙) | 9551.09 | 5.28 | 不变 | | 北京宏远伯乐投资中心(有限合伙) | 1778.80 | 0.98 | 不变 | | 嘉兴腾元投资合伙企业(有限合伙) | 1748.96 | 0.97 | -482.69 | | 厦门赛富股权投资合伙企业(有限合伙) | 1676.63 | 0.93 | -476.03 | | 海南庥隆金实私募基金管理中心(有限合伙) | 1629.43 | 0.90 | 不变 ...

目录 | | | | ESG 数据表和附注 | 67 | | --- | --- | | 报告标准索引表 | 71 | | 专有名词释义表 | 73 | 社会篇 | 创新营销，引领行业趋势 | 19 | | --- | --- | | 优质产品和服务 * | 19 | | 创新驱动 * | 23 | | 供应商管理 * | 29 | | 推动行业生态建设 | 32 | | 责任担当，筑牢信任基石 | 35 | | --- | --- | | 负责任营销 | 35 | | 数据安全与客户隐私保护 * | 36 | | 科技伦理 | 40 | | ESG 治理安排 | 13 | 以人为本，共建美好社会 | 41 | | --- | --- | --- | --- | | | | 员工权益与福利 | 41 | | | | 员工健康与安全 | 46 | | | | 员工培训与发展 * | 49 | | | | 社会贡献与乡村振兴 | 54 | 治理篇 | 绿色发展，促进和谐共生 | 14 | 稳健经营，夯实治理根基 | 56 | | --- | --- | --- | --- | | 应对气候变化 | 14 | 公司 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥896,709,381.90, a decrease of 7.09% compared to ¥965,091,939.19 in the same period last year[4] - Net profit attributable to shareholders was ¥13,332,627.11, down 8.80% from ¥14,618,685.98 year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 44.99%, reaching ¥12,956,859.84 compared to ¥8,936,441.32 in the previous year[4] - Net profit for Q1 2025 was ¥9,934,672.45, a decline of 10.1% from ¥11,055,531.37 in Q1 2024[19] - The company recorded a tax expense of ¥215,479.96 in Q1 2025, significantly lower than ¥3,292,503.04 in Q1 2024[19] - Basic earnings per share for Q1 2025 were ¥0.0074, compared to ¥0.0081 in Q1 2024[19] Cash Flow - The net cash flow from operating activities was -¥63,426,300.88, a decline of 100.29% from -¥31,667,117.62 in the same period last year[4] - The company reported a net cash flow from operating activities of -¥63,426,300.88 in Q1 2025, compared to -¥31,667,117.62 in Q1 2024[22] - In Q1 2025, the net cash flow from operating activities was ¥58,103,271.23, a significant improvement compared to a net outflow of ¥2,317,156.63 in Q1 2024[35] - Cash received from operating activities totaled ¥60,160,204.39 in Q1 2025, compared to ¥62,587.44 in Q1 2024[35] - The company paid ¥1,246,313.25 in taxes during Q1 2025, slightly up from ¥1,159,921.14 in the same period last year[35] - Cash paid to employees increased to ¥454,334.23 in Q1 2025 from ¥373,391.35 in Q1 2024[35] Assets and Liabilities - Total assets at the end of the reporting period were ¥5,161,609,537.60, a decrease of 4.80% from ¥5,421,739,476.49 at the end of the previous year[5] - The company's current assets totaled RMB 4,356,633,518.83, down from RMB 4,615,129,893.14, indicating a decrease of about 5.6%[13] - Cash and cash equivalents decreased to RMB 1,459,463,613.91 from RMB 1,552,079,180.81, representing a decline of approximately 6.0%[13] - The company's total current liabilities were RMB 1,318,514,587.74, down from RMB 1,592,552,177.74, showing a decrease of approximately 17.2%[14] - The total liabilities amounted to ¥1,345,986,967.80, a decrease from ¥1,621,588,418.95 year-over-year[15] - The company's total liabilities amounted to approximately ¥59.76 million, an increase from ¥53.79 million, reflecting a growth of about 11.5%[27] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 111,017[9] - The largest shareholder, ShowWorld HongKong Limited, held 332,615,750 shares, accounting for 18.40% of the total shares[9] - The total equity attributable to shareholders was ¥3,848,551,671.00, slightly up from ¥3,830,224,006.07 in the previous year[15] Operational Insights - The company reported a decrease in credit impairment losses, contributing to the increase in net profit after deducting non-recurring gains and losses[7] - The decrease in cash flow from operating activities was primarily due to a reduction in business receipts during the period[7] - The company is actively exploring new product development and market expansion strategies to enhance growth prospects[12] - There are ongoing discussions regarding potential mergers and acquisitions to strengthen market position and diversify offerings[12] Cost Management - Total operating costs for Q1 2025 were ¥889,632,108.07, down 6.3% from ¥949,825,095.51 in Q1 2024[18] - Research and development expenses for Q1 2025 were ¥21,989,931.38, down 23.3% from ¥28,650,785.63 in Q1 2024[18] - The company's management expenses for Q1 2025 were ¥5.62 million, significantly higher than ¥0.23 million in Q1 2024, indicating increased operational costs[31] Investment Activities - The company's net cash flow from investing activities was approximately ¥102 million, a significant improvement compared to a net outflow of ¥38 million in the previous period[23] - Total cash inflow from investment activities in Q1 2025 was ¥814,820,971.06, while cash outflow was ¥1,277,682,724.56, resulting in a net cash flow of -¥462,861,753.50[35] - The company received ¥2,409,963.64 in cash from investment income during Q1 2025[35] Long-term Investments - The company's long-term equity investments rose to ¥1.69 billion, a substantial increase from ¥444 million, showing a growth of over 280%[26]

证券代码：600556 证券简称：天下秀 公告编号：临 2025-024 天下秀数字科技（集团）股份有限公司 第十一届监事会第十四次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 天下秀数字科技（集团）股份有限公司（以下简称"公司"）第十一届监事 会第十四次会议于2025年4月28日以现场结合通讯方式召开。会议应出席监事3 人，实际出席监事3人。会议的召开符合《公司法》及《公司章程》的规定。全 体与会监事通过如下议案： 一、审议通过《关于公司2025年第一季度报告的议案》 具体内容请详见本公司于同日在上海证券交易所网站（www.sse.com.cn） 披露的公告。 表决结果：3票同意、0票反对、0票弃权。 二、审议通过《关于公司2024年度可持续发展报告的议案》 具体内容请详见本公司于同日在上海证券交易所网站（www.sse.com.cn） 披露的公告。 表决结果：3 票同意、0 票反对、0 票弃权。 特此公告。 天下秀数字科技（集团）股份有限公司监事会 二〇二五年四月二十九日 ...

证券代码：600556 证券简称：天下秀 公告编号：临 2025-023 表决结果：7票同意、0票反对、0票弃权。 二、 审议通过《关于公司 2024 年度可持续发展报告的议案》 具体内容请详见本公司于同日在上海证券交易所网站（www.sse.com.cn） 披露的公告。 本议案已经战略委员会审议通过，并同意将本议案提交公司董事会审议。 第十一届董事会第十四次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 天下秀数字科技（集团）股份有限公司（以下简称"公司"）第十一届董 事会第十四次会议于2025年4月28日以现场结合通讯方式召开。会议应出席董事 7人，实际出席董事7人。会议的召开符合《公司法》及《公司章程》的规定。 全体与会董事通过如下议案： 一、 审议通过《关于公司 2025 年第一季度报告的议案》 具体内容请详见本公司于同日在上海证券交易所网站（www.sse.com.cn） 披露的公告。 本议案已经审计委员会审议通过，并同意将本议案提交公司董事会审议。 天下秀数字科技（集团）股份有限公司 表决结果：7票同 ...

华泰联合证券有限责任公司 关于 天下秀数字科技（集团）股份有限公司 吸收合并北京天下秀科技股份有限公司暨关联交易 之 2024 年专项持续督导意见 独立财务顾问 签署日期：二零二五年四月 独立财务顾问声明 华泰联合证券有限责任公司（以下简称"华泰联合证券"、"独立财务顾问"） 作为天下秀数字科技（集团）股份有限公司吸收合并北京天下秀科技股份有限公 司暨关联交易（以下简称"本次交易"）的独立财务顾问。 根据《公司法》《证券法》《重大资产重组管理办法》与《上市公司并购重组 财务顾问业务管理办法》等法律法规的有关要求，本独立财务顾问经过审慎核查， 结合上市公司 2024 年年度报告，出具本次重大资产重组的专项持续督导意见， 特作如下声明： 1、本专项持续督导意见所依据的文件、材料由交易各方提供，本次交易各 方均已向本独立财务顾问保证，其所提供的有关本次重大资产重组的相关信息真 实、准确和完整，没有虚假记载、误导性陈述或者重大遗漏。 2、本独立财务顾问已按照规定履行尽职调查义务，有充分理由确信所发表 的专业意见与上市公司披露的文件内容不存在实质性差异。 3、本专项持续督导意见不构成对上市公司的任何投资建议，投资者根据 ...

Group 1 - The core viewpoint of the news is that Tianxiexiu, a new economy enterprise in the influencer sector, reported a revenue of 4.066 billion yuan and a net profit of 51 million yuan for the year 2024 [1] - The number of registered merchants on the platform reached 208,200, while the influencer scale reached 3.464 million, with professional influencers increasing by 44.7% year-on-year [1][3] - The AIGC product "Linggan Island" received dual compliance certifications in 2024, becoming one of the first approved generative AI service applications in Beijing [3] Group 2 - The influencer economy continues to grow, with the related market size reaching 6.4 trillion yuan in 2023, reflecting a year-on-year growth rate of 18.3% [3] - The global influencer marketing market is expected to grow rapidly to 32.55 billion USD by 2025, indicating a significant opportunity for international expansion [4] - "Linggan Island" will launch Japanese and English versions in 2024, supporting digital human cloning and multilingual content generation to assist brands in cross-border marketing [4]

Core Insights - The company, Tianxiaxiu, reported a stable performance in its 2024 annual financial results, achieving a revenue of 4.066 billion yuan and a net profit of 51 million yuan despite macroeconomic pressures [1] - The influencer marketing sector is experiencing growth, with professional influencers increasing by 44.7% to over 2.12 million, indicating a strategic resilience during industry adjustments [1] Group 1: Technology-Driven Upgrades - The WEIQ platform reached new heights in 2024, with registered merchant clients totaling 208,212, an increase of 8,423 from the previous year [2] - The number of registered influencer accounts surpassed 3.464 million, with professional influencers growing by 65,700 to 2.127 million, marking a 44.7% increase [2] - The shift towards "precision" in brand budgets is validating the company's strategic insights, as income from mid-tail influencers accounted for 87% of the platform's revenue [2] Group 2: AI Technology Integration - AI technology is reshaping the marketing landscape, with mainstream applications automating repetitive tasks, allowing marketers to focus on strategy and creativity [7] - The company's "Linggan Island" initiative leverages AIGC technology to enhance the entire marketing chain, from creative inspiration to performance tracking, significantly improving marketing efficiency [9] - Linggan Island has developed a SaaS-level solution for enterprises, enabling bulk content generation and management across various marketing scenarios, thus enhancing marketing efficiency [10] Group 3: Cross-Border Marketing Expansion - The cross-border influencer marketing market is experiencing explosive growth, with the company accelerating its global strategy [11] - In 2024, the company launched the "Xingyi" incubator brand in Tokyo, focusing on nurturing Chinese content creators in Japan and facilitating localized marketing for Chinese brands [11] - The cross-border influencer marketing market is projected to exceed 100 billion yuan by 2025, with a compound annual growth rate of 35% [11] Group 4: Industry Evolution - The marketing industry is entering a new development cycle, shifting from scale expansion to a focus on efficiency and value [12] - The company's AI-driven full-chain approach and cross-border marketing model are expected to be key drivers for the transformation and upgrading of the influencer marketing industry [12] - The future trajectory of the company may redefine the value creation logic in the digital marketing era [12]