证券代码：600556 证券简称：天下秀 公告编号：临 2026-003 天下秀数字科技（集团）股份有限公司 关于公司股票交易异常波动的公告 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。 重要内容提示： 天下秀数字科技（集团）股份有限公司（以下简称"公司"）股票于 2026 年 1 月 8 日、2026 年 1 月 9 日、2026 年 1 月 12 日连续三个交易日内日收 盘价格涨幅偏离值累计超过 20%，根据《上海证券交易所交易规则》的有关规 定，属于股票交易异常波动的情形。 一、股票交易异常波动的具体情况 公司股票于 2026 年 1 月 8 日、2026 年 1 月 9 日、2026 年 1 月 12 日连续三 个交易日内日收盘价格涨幅偏离值累计超过 20%，根据《上海证券交易所交易 规则》的有关规定，属于股票交易异常波动的情形。 二、公司关注并核实的相关情况 针对公司股票异常波动，公司对有关事项进行了核查，并询问了公司实际 控制人，现将有关情况说明如下： （一）生产经营情况 经公司自查，公司目前经营情况正常，市场环 ...

Market Overview - The market showed strong fluctuations throughout the day, with all three major indices rising over 1%, and the Shanghai Composite Index achieving a 17-day consecutive rise [1] - AI application sectors experienced a significant surge, with stocks like BlueFocus and Hand Information hitting the daily limit [1] - The commercial aerospace concept continued its strong performance, with China Satellite and China Satcom both reaching new highs [1] - The brain-computer interface concept was also active, with stocks like DaoTech and Yanshan Technology hitting the daily limit [1] - Over 4,100 stocks in the Shanghai, Shenzhen, and Beijing markets rose, with a total transaction volume of 3.64 trillion, setting a new record for daily trading in A-shares [1] AI Marketing - The AI marketing concept saw a wave of limit-up stocks, including Gravity Media, Leo Holdings, and BoRui Communication [4] - Elon Musk announced on social media that he would open-source the latest content recommendation algorithm for the X platform within a week, interpreted by the market as his entry into the GEO space [4] - DeepSeek is set to release its next-generation flagship AI model, DeepSeek V4, in February, which reportedly outperforms major models like Anthropic Claude and OpenAI GPT series in programming capabilities [4][7] - Anthropic's Claude Code received a significant update, marking a new phase in global AI programming competition [4] Aerospace Sector - The aerospace sector continued to rise, with stocks like Luxin Investment, Goldwind Technology, and Daye Shares hitting the daily limit [10] - China applied for frequency resources for over 200,000 satellites, indicating a strategic national-level initiative [11] - Experts believe that the establishment of the Radio Innovation Institute will accelerate the 6G process, integrating satellite networks with ground communication networks [14] AI Medical - The AI medical sector also performed well, with companies like Meinian Health and Dean Diagnostics seeing consecutive gains [15] - OpenAI launched "ChatGPT Health," a health-related dialogue space that connects electronic medical records and health applications [15] - The demand for AI in healthcare is expected to grow significantly, driven by an aging population and an increase in chronic disease patients [18]

Group 1: Market Performance - Yidian Tianxia saw a significant increase of 19.47% in stock price, with a total market value of 3.4 billion [1] - Zhongke Shitu and China Great Wall also experienced notable gains of 12.40% and 9.99% respectively, with market values of 883 million and 53.6 billion [1] - Tax Friend Co. and Torus both rose by approximately 9.91% and 9.53%, with market values of 3.17 billion and 2.11 billion respectively [1] Group 2: AI and Technology Developments - DeepSeek V4 is expected to be released around the Spring Festival, potentially surpassing OpenAI's GPT in programming capabilities [2] - Alibaba's Qwen 3.5 is anticipated to enhance multimodal understanding and coding abilities [2] - The first global large model stock, Zhipu, is set to be listed on the Hong Kong Stock Exchange on January 8 [2] Group 3: Industry Trends and Policies - The Ministry of Industry and Information Technology is encouraging AI and manufacturing transformation, which is expected to boost demand for domestic AI computing power [2] - The data center sector is identified as a core infrastructure for AI, with a growing demand for data center construction driven by computing power needs [2] - The domestic AIDC bidding is expected to recover, serving as an early indicator of the improvement in the domestic AI landscape [2] Group 4: Investment Opportunities - The Huabao Big Data ETF focuses on sectors such as data centers, cloud computing, and big data processing, with key holdings in leading companies like Inspur and China Great Wall [3] - The emphasis on "technology leading the way" suggests potential breakthroughs in new productivity directions [5] - The trend towards domestic substitution is accelerating, with promising prospects for technology self-reliance [5]

Core Viewpoint - Tianxiaxiu Digital Technology (Group) Co., Ltd. is seeking a second chance in the Hong Kong stock market after experiencing a decline in performance, cash flow issues, and heavy reliance on platforms [1][3]. Financial Performance - Revenue peaked at 4.512 billion yuan in 2021 but has declined to 4.066 billion yuan by 2024, with a 10.2% drop in the first three quarters of 2025, amounting to 2.734 billion yuan [3]. - Net profit fell from 80.96 million yuan in 2023 to 43.35 million yuan in 2024, a decrease of 46%, and further dropped to 32.57 million yuan in the first three quarters of 2025, down 46.2% year-on-year [3]. - Operating cash flow has been negative for several consecutive quarters, with accounts receivable reaching 1.968 billion yuan, accounting for nearly 44% of current assets [3]. Business Model and Dependency - The WEIQ influencer marketing platform, which contributes over 97% of the company's revenue, faces structural challenges due to its heavy reliance on major content platforms like Weibo, Douyin, and Kuaishou [4]. - The partnership with Weibo, where revenue is split 50/50, creates a dependency that could lead to significant revenue fluctuations if platform policies change [4]. Strategic Initiatives - To overcome challenges, the company is investing in AI and international expansion, launching the AIGC product "Linggan Island" for smart influencer matching and content generation [4]. - Overseas revenue was only 18 million yuan in 2024, and AI products are primarily offered for free, lacking effective monetization strategies [4]. Industry Challenges - The influencer economy is experiencing a downturn, with rising vacancy rates in live-streaming bases, halved hourly wages for streamers, and numerous influencer shops closing [5]. - Advertiser budgets are shrinking, and the cost of traffic is increasing, leading to a compression of profit margins for the company [5]. Market Outlook - The Hong Kong listing is seen as a potential lifeline for financing and a chance to present a new narrative to international investors [5]. - However, the current market is less favorable than six years ago, with investors prioritizing sustainable profitability and clear business models [5]. - The company's ability to evolve from a "connector" to a "value creator" will be crucial for its future success in the influencer economy [5].

Core Viewpoint - The company, Tianxiaxiu Digital Technology Group, is seeking a secondary listing on the Hong Kong Stock Exchange primarily to raise funds for global expansion and innovation in the influencer economy, despite facing significant financial and operational challenges in recent years [1][2]. Financial Performance - The company's revenue and profitability have been declining, with total revenue dropping from a peak of 45.12 billion RMB in 2021 to an estimated 40.7 billion RMB in 2024, and a further decline to 27.3 billion RMB in the first nine months of 2025, representing a year-on-year decrease of 10.3% [4]. - Net profit has seen a dramatic decline, falling from 809.6 million RMB in 2023 to 433.5 million RMB in 2024, a decrease of 46%. For the first nine months of 2024 to 2025, net profit dropped from 605.5 million RMB to 325.7 million RMB, also a 46.2% decline [4]. - The company's cash flow from operating activities has been negative for both the first three quarters of 2024 and 2025, with accounts receivable reaching nearly 2 billion RMB, accounting for 70% of the revenue during the same period [6]. Business Challenges - The influencer marketing platform, which contributes over 95% of the company's revenue, is facing challenges due to a shrinking market, tightening advertising budgets, and intense competition, leading to a decline in gross margin from 23.55% in 2020 to 17.2% in the first nine months of 2025 [8]. - The company has attempted diversification by launching new consumer brands and entering the metaverse, but these efforts have yielded minimal results, with other business revenues accounting for less than 5% of total revenue [8]. Governance and Compliance Issues - The company has faced multiple crises regarding financial compliance and internal controls, including a regulatory order from the Guangxi Securities Regulatory Bureau in January 2024 due to reliance on manual operations for revenue cost accounting, leading to inaccuracies in financial reporting [9]. - Tax compliance issues were also identified, with the company needing to pay back taxes and penalties totaling 24.5157 million RMB, which have since been settled without administrative penalties [9]. - Technical risks were highlighted when a system failure led to the premature leak of promotional materials for a client, indicating weaknesses in the company's operational reliability [9]. Future Outlook - The company must demonstrate a clear path to improving profitability, strengthening corporate governance, and proving the viability of new business initiatives to convince investors of its potential for recovery during its upcoming listing [12].

Core Insights - The advertising and marketing sector experienced a significant increase of 7.01% on January 9, with Tianlong Group leading the gains [1] - The Shanghai Composite Index closed at 4120.43, up 0.92%, while the Shenzhen Component Index closed at 14120.15, up 1.15% [1] Stock Performance - Tianlong Group (300063) closed at 10.85, with a rise of 20.02%, and a trading volume of 2.6499 million shares, amounting to a transaction value of 2.759 billion [1] - Yidian Tianxia (301171) also saw a 20.00% increase, closing at 52.69, with a transaction value of 6.137 billion [1] - BlueFocus Communication Group (300058) rose by 14.08% to 17.18, with a transaction value of 18.481 billion [1] - Other notable performers include Fushi Holdings (300071) with a 12.56% increase, and Insee Group (300781) with a 10.76% increase [1] Capital Flow - The advertising and marketing sector saw a net inflow of 4.287 billion from institutional investors, while retail investors experienced a net outflow of 2.183 billion [2] - The main stocks in the sector showed varied capital flows, with significant net inflows for companies like Province Advertising Group (002400) and Yidian Tianxia (301171) [3] - Tianlong Group (300063) had a net inflow of 721 million from main investors, while BlueFocus (300058) saw a net inflow of 708 million [3]

Core Viewpoint - The company Tianxiaxiu, known as the "first stock of internet celebrities" in A-shares, has submitted an IPO application to the Hong Kong Stock Exchange, aiming to leverage AI technology to enhance its business model and expand its global presence [1][3]. Company Overview - Founded in 2009, Tianxiaxiu has established itself as a leader in the content creation and influencer marketing sector, with its founder Li Meng recognized as a pioneer in the "internet celebrity ecosystem" [2][10]. - The company has been a significant player in the influencer marketing industry, achieving a market valuation of 128 billion yuan and being the first to focus on the "internet celebrity economy" in A-shares [1][4]. Market Position and Performance - Tianxiaxiu has maintained a leading market share of 26.1% in China's influencer marketing solutions sector and 16.5% globally, according to forecasts for 2024 [13]. - The influencer economy in China is projected to grow from 862 billion yuan in 2020 to 1.38 trillion yuan by 2024, with a compound annual growth rate (CAGR) of 12.5% [13]. Financial Performance - Despite its strong market position, Tianxiaxiu has faced declining performance due to a slowdown in the domestic advertising industry and increased competition, leading to a significant drop in stock price from a peak of 24.6 yuan to 6.88 yuan [13][15]. - The company reported its first quarterly net loss in Q3 2025, with a loss of 722,900 yuan, marking a 103.55% decline year-on-year [18]. Business Strategy and Innovations - Tianxiaxiu is actively pursuing a dual transformation strategy focusing on AI and international expansion, with plans to enhance its influencer economy ecosystem through innovative business models [3][20]. - The company has launched various initiatives, including the IMSOCIAL accelerator and the TOPKLOUT platform, but these new ventures have yet to generate substantial revenue, with less than 5% of total income coming from innovative business lines as of September 2025 [20]. Challenges and Future Outlook - The core business has shown weak growth, with revenue fluctuations between -7.79% and 3.67% from 2022 to 2024, primarily due to the diminishing flow of industry traffic and heightened competition [18]. - The company is exploring overseas markets, having established offices in cities like Tokyo and Singapore, but faces stiff competition in the AI marketing sector from established players [20].

Core Viewpoint - The trend of A-share companies "going south" to list on H-shares is gaining momentum in early 2026, driven by a combination of policy support, financing needs, and internationalization strategies [1][2][3] Group 1: Companies Going Public - Six A-share companies, including Jucheng Co., Penghui Energy, and Zhengtai Electric, have announced plans for H-share listings from January 1 to January 8, 2026 [1] - Four additional companies, including Jingwang Electronics and Yifang Bio, have submitted prospectuses to the Hong Kong Stock Exchange [1] - The trend is primarily led by technology companies, with a focus on sectors such as semiconductor design, energy storage, and smart mobility [1] Group 2: Market Dynamics - The 2026 "southbound" trend is a continuation of the 2025 A+H listing boom, with a significant increase in active listing applications in Hong Kong [2] - In 2025, 19 A-share companies listed on the Hong Kong market, raising a total of approximately 139.99 billion HKD, nearly half of the total IPO amount for the year [2] - The average time for A+H listings in 2025 was reported to be 4 to 6 months, with the fastest taking only about 3 months [2] Group 3: Strategic Motivations - A-share companies are pursuing H-share listings to raise funds for global expansion and enhance their competitive position in international markets [3][4] - Companies like Jucheng Co. and Penghui Energy emphasize that listing in Hong Kong will help them build a diversified capital operation platform and support overseas business development [3] - The need for substantial foreign currency funding for overseas production and supply chain establishment is a key driver for these companies [4] Group 4: Regulatory Environment - The favorable regulatory environment, including cooperation measures between mainland and Hong Kong regulatory bodies, has made cross-border listings more feasible [4] - The Chinese Securities Regulatory Commission has expressed support for leading mainland companies to list in Hong Kong, facilitating a quicker approval process for qualified firms [4] - The current valuation of Hong Kong stocks is perceived to be lower than that of A-shares, prompting some companies to accept lower valuations to secure international funding and prepare for stricter overseas disclosure standards [4] Group 5: Market Expectations - The IPO market in Hong Kong is expected to perform well in 2026, with projections of over 300 billion HKD in IPO scale and 150 to 200 projects [4] - The growth in the MSCI China Index's earnings is anticipated to reach 14% or higher, driven by sectors such as high-end manufacturing and companies with global expansion capabilities [4]

Group 1 - The core viewpoint of the article is that Tianxiaxiu, a leading company in China's influencer marketing industry, has submitted its IPO application to the Hong Kong Stock Exchange, aiming to utilize the funds for global expansion and innovation in the influencer economy ecosystem [1][2]. - Tianxiaxiu has accumulated a total of 222,644 advertiser clients and approximately 3.6 million influencer accounts across 47 vertical industries, making it the top player in the influencer marketing sector according to Frost & Sullivan [1][4]. - The company reported revenues of 4.2 billion yuan, 4.066 billion yuan, and 2.734 billion yuan for the years 2023, 2024, and the first three quarters of 2025, respectively, indicating a strategic focus on global expansion as a key growth driver [2][3]. Group 2 - The global influencer economy is projected to grow from 2,066.1 billion yuan in 2020 to 3,116.4 billion yuan in 2024, with a compound annual growth rate (CAGR) of 10.8%, and is expected to reach 4,480.7 billion yuan by 2029 [3]. - The influencer marketing service industry is anticipated to enter a large-scale development phase, with the market size expected to reach 221.6 billion yuan by 2029, while the Chinese influencer marketing market is projected to reach 127.7 billion yuan by the same year [3][4]. - Tianxiaxiu is actively establishing international offices in cities like Hong Kong, Tokyo, and Singapore, and is launching its AI-based SaaS platform in multiple languages to expand its overseas market presence [3][4].

Core Viewpoint - Tianxiaxiu Digital Technology (Group) Co., Ltd. is seeking to go public on the Hong Kong Stock Exchange, aiming to leverage its position as a leader in China's influencer marketing industry and expand its global strategy and business operations [1][4]. Group 1: Company Overview - Tianxiaxiu was established in 2009 and is recognized as a pioneer in the influencer marketing sector in China, serving as a bridge between advertisers, influencers, MCNs, and major third-party UGC platforms [4]. - The company became a unicorn in 2017 with a valuation of 100 billion yuan after completing a financing round [4]. - Tianxiaxiu went public on the Shanghai Stock Exchange in April 2020 through a reverse merger with ST Huqiu, achieving a market capitalization close to 400 billion yuan on its listing day [4]. Group 2: Financial Performance - As of January 7, 2023, Tianxiaxiu's stock price was 6.88 yuan, with a market capitalization of 124 billion yuan, reflecting a nearly 70% decline from its initial listing [6]. - Revenue projections for 2023 and 2024 are 4.2 billion yuan and 4.066 billion yuan, respectively, with profits of 80.96 million yuan and 43.35 million yuan [8]. - For the first nine months of 2025, revenue was 2.734 billion yuan, a 10.2% decrease from the previous year, and profits fell by 46.2% to 32.57 million yuan [8]. Group 3: Market Position and Strategy - The influencer marketing market in China is expected to grow from 862 billion yuan in 2020 to 1.38 trillion yuan by 2024, with a compound annual growth rate (CAGR) of 12.5% [6]. - Tianxiaxiu holds a 26.1% market share in China's influencer marketing solutions sector and a 16.5% share globally, maintaining the largest market share for five consecutive years [6]. - The company plans to use the funds raised from the IPO for global expansion, innovation in the influencer economy ecosystem, strategic investments, acquisitions, and general corporate purposes [6]. Group 4: Client and Supplier Dynamics - As of Q3 2025, Tianxiaxiu had approximately 222,600 advertising clients and registered 20,200 MCNs and 3.5862 million influencers [8]. - Revenue from the top five clients accounted for 39.6%, 47.8%, and 44.3% of total revenue in 2023, 2024, and the first nine months of 2025, respectively [8]. - The company is heavily reliant on third-party UGC platforms like Weibo, Douyin, and Kuaishou, with a significant amount of prepayments to suppliers, totaling 463 million yuan as of Q3 2025 [9].