作者：繁晟 2020年，艾瑞咨询联合天下秀（600556.SH）发布首份《中国红人新经济行业发展报告》。彼时，红人新经济市场规模强势突破万亿元，"网红第一股"如涵 控股、"红人经济第一股"天下秀相继登陆资本市场；2025年红人新经济市场规模的预测值更是一度被推高至8万亿元，行业"长红之势"风光无两。 然而，随着中国广告市场规模增速大幅放缓，这让红人经济赛道开始出现分化，竞争加剧，这也让上市公司开始遭遇资本困境，比如如涵控股上市仅2年， 便在长期破发及亏损困境中退市，而在天下秀的市值则缩水逾八成至不足百亿元。 在此背景下，天下秀开始启动出海战略。2025年8月22日，该公司发布公告称，为深入推进全球化战略布局，打造国际化资本运作平台，提升国际品牌形象 和综合竞争力，该公司正在筹划发行H股并在港交所上市。 在资本市场"失宠"且业绩持续下滑的情况下，天下秀此次赴港上市能令其"翻红"吗？ 红人经济真的"经济"吗？ 2000年左右，WEB2.0时代开启，网红与经济迎来"第一次亲密接触"，但由于当时的红人主要集中在博客、BBS论坛，变现渠道有限，且仅限于图文领域的 极少数"顶流"。 直至2009年， 随着移动互联网兴起、 ...

Company Overview - Tianxiaxiu Digital Technology Group Co., Ltd. is located in Chaoyang District, Beijing, and was established on November 28, 1993. The company was listed on August 7, 2001. Its main business involves providing new media marketing services [1]. - The revenue composition of Tianxiaxiu includes 97.52% from influencer marketing platform services and 2.48% from the innovative business segment of the influencer economy ecosystem [1]. Financial Performance - As of June 30, 2025, Tianxiaxiu reported a revenue of 1.844 billion yuan, a year-on-year decrease of 8.01%. The net profit attributable to shareholders was 36.38 million yuan, down 19.28% year-on-year [2]. - The company has cumulatively distributed 216 million yuan in dividends since its A-share listing, with 61.64 million yuan distributed over the past three years [3]. Stock Market Activity - On September 22, Tianxiaxiu's stock price fell by 2.09%, trading at 5.15 yuan per share, with a total market capitalization of 9.31 billion yuan [1]. - The stock has seen a decline of 0.79% year-to-date, with a 5.33% drop over the last five trading days and a 6.02% drop over the last 20 days. However, it has increased by 1.16% over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" four times this year, with the most recent appearance on January 22 [1]. Shareholder Information - As of June 30, 2025, the number of shareholders for Tianxiaxiu was 103,900, a decrease of 6.39% from the previous period. The average number of circulating shares per person increased by 6.83% to 17,395 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the seventh largest, holding 14.01 million shares, an increase of 288,200 shares from the previous period. The Southern CSI 1000 ETF is the eighth largest shareholder, holding 11.68 million shares as a new shareholder [3].

Market Overview - On September 18, the advertising and marketing sector declined by 3.12%, with Qitian Technology leading the drop [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Stock Performance - Notable gainers included: - Diansheng Co., Ltd. (300805) with a closing price of 13.50, up 3.29% [1] - Yuanlong Yatu (002878) with a closing price of 20.43, up 0.84% [1] - Significant decliners included: - Qitian Technology (300061) with a closing price of 12.91, down 5.56% [2] - Zitian Tui (300280) with a closing price of 0.53, down 5.36% [2] Trading Volume and Capital Flow - The advertising and marketing sector experienced a net outflow of 1.157 billion yuan from institutional investors, while retail investors saw a net inflow of 922 million yuan [2] - The trading volume for key stocks included: - Diansheng Co., Ltd. with a trading volume of 304,500 shares and a transaction value of 403 million yuan [1] - Yuanlong Yatu with a trading volume of 244,700 shares and a transaction value of 494 million yuan [1] Capital Inflow Analysis - Key stocks with significant capital inflow included: - Diansheng Co., Ltd. with a net inflow of 24.67 million yuan from institutional investors [3] - Yuanlong Yatu with a net inflow of 11.64 million yuan from institutional investors [3] - Notable outflows were observed in: - Qitian Technology with a net outflow of 1.27 million yuan from institutional investors [3] - Simai Media (002712) with a net outflow of 6.68 million yuan from institutional investors [3]

Group 1 - The 22nd China-ASEAN Expo (CAEXPO) opened in Nanning, Guangxi on September 17, featuring an AI pavilion for the first time [1] - Tianxiexiu (stock code: 600556) showcased its AI intelligent platform, Linggan Island, and TOPKLOUT, highlighting innovations in smart content generation, cross-border digital marketing, and influencer economy [1] - Linggan Island, an AIGC content creation and intelligent marketing platform, has served various industries including catering, fast-moving consumer goods, automotive, and gaming, helping businesses expand customer acquisition channels and enabling creators to produce content efficiently [1] Group 2 - At the expo, Linggan Island demonstrated its capabilities through a case study of "Vietnamese durian merchants expanding into the Chinese market," utilizing AI technologies to address challenges in cross-border marketing such as language barriers and cultural differences [1] - The platform featured an interactive experience area where attendees could create a highly realistic digital avatar by uploading a personal photo, with options for customized AI-generated greeting videos in multiple languages including Chinese, Thai, and Malay [1]

Market Overview - The advertising and marketing sector experienced a decline of 0.76% on September 15, with Zitian Tui leading the drop [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Stock Performance - Notable gainers included: - Diansheng Co., Ltd. (300805) with a closing price of 13.80, up 10.75% and a trading volume of 461,400 shares, totaling 616 million yuan [1] - ST Huayang (603825) closed at 10.47, up 1.55% with a trading volume of 79,000 shares, totaling 82.23 million yuan [1] - Significant losers included: - Zitian Tui (300280) which closed at 0.63, down 77.01% with a trading volume of 546,600 shares, totaling 35.66 million yuan [2] - Yuanlong Yatu (002878) closed at 20.69, down 3.72% with a trading volume of 272,700 shares [2] Capital Flow - The advertising and marketing sector saw a net outflow of 640 million yuan from institutional investors, while retail investors contributed a net inflow of 541 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Diansheng Co., Ltd. (300805) had a net outflow of 54.11 million yuan from institutional investors, while retail investors contributed a net inflow of 55.38 million yuan [3] - Zitian Tui (300280) experienced a net inflow of 11.34 million yuan from institutional investors, but a net outflow of 1.11 million yuan from retail investors [3]

Market Overview - The advertising and marketing sector increased by 0.28% on September 10, with Xinhua leading the gains [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Top Gainers in Advertising Sector - Xinhua (002264) closed at 8.10, up 10.05% with a trading volume of 925,700 shares and a transaction value of 744 million [1] - Yuanlong Yatu (002878) closed at 21.88, up 6.16% with a trading volume of 689,000 shares and a transaction value of 1.483 billion [1] - Zhejiang Wenlian (600986) closed at 8.74, up 4.30% with a trading volume of 1,000,600 shares and a transaction value of 877 million [1] - Tianyu Digital (002354) closed at 7.55, up 4.28% with a trading volume of 2,337,000 shares and a transaction value of 1.756 billion [1] Market Capital Flow - The advertising marketing sector saw a net inflow of 614 million from institutional investors, while retail investors experienced a net outflow of 487 million [2] - The overall market showed a mixed trend with some stocks experiencing significant inflows while others faced outflows [3] Individual Stock Performance - Tianyu Digital (002354) had a net inflow of 179 million from institutional investors, but a net outflow of 164 million from retail investors [3] - Xinhua (002264) experienced a net inflow of 148 million from institutional investors, with retail investors showing a net outflow of 60 million [3] - Yuanlong Yatu (002878) had a net inflow of 111 million from institutional investors, while retail investors faced a net outflow of 110 million [3]

Core Viewpoint - The 22nd China-ASEAN Expo will feature an AI-themed exhibition for the first time, focusing on "Building a Digital Silk Road Together in the Intelligent Era" with over 5,000 square meters of exhibition space and nearly 100 domestic and international AI companies participating [1][3]. Group 1: Event Details - The expo will take place from September 17 to 21, 2025, at the Nanning International Convention and Exhibition Center [3][19]. - The AI-themed exhibition will include four main thematic areas: ASEAN cooperation, AI core technology, AI application scenarios, and AI interactive experiences [3][8]. Group 2: Participating Companies - Notable participating companies include MyEG from Malaysia, Beijing Ruile Wisdom, Huawei, Yunzhisheng, and Tianxiexiu [1][3]. - The exhibition will showcase various AI products and solutions, such as AI-powered smart offices, smart living, and AI applications in sectors like healthcare and energy [5][18]. Group 3: AI Applications - The exhibition will highlight AI applications in diverse fields, including anti-fraud AI models, AI safety standards, and healthcare solutions [10][12][18]. - Interactive experiences such as AI photobooths and AI-driven marketing analytics will also be featured [9][16].

Core Viewpoint - Tianxiaxiu (600556) announced that as of the disclosure date, the total amount of guarantees provided by the company and its subsidiaries is RMB 186,723.97 million, which accounts for 48.75% of the latest audited net assets [1] Summary by Relevant Sections - Total Guarantees: The cumulative amount of guarantees provided by the company and its subsidiaries is RMB 186,723.97 million, which is within the approved limit for guarantees set at the 2024 annual shareholders' meeting [1] - Percentage of Net Assets: The guarantees represent 48.75% of the company's most recent audited net assets, indicating a significant portion of the company's financial commitments [1] - Status of Guarantees: All guarantees are still valid and there are no overdue guarantees reported [1]

关于提供担保的进展公告 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： 担保对象及基本情况 | | 被担保人名称 | 北京天下秀广告有限公司 | | --- | --- | --- | | | 本次担保金额 | 10,000 万元 | | 担保对象 | 实际为其提供的担保余额 | 万元（含本次） 86,000 | | | 是否在前期预计额度内 | 是□否□不适用：_________ | | | 本次担保是否有反担保 | 是否□不适用：_________ | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股 | 186,723.97 | | 子公司对外担保总额（万元） | | | 对外担保总额占上市公司最近一 | 48.75 | | 期经审计净资产的比例（%） | | | 特别风险提示（如有请勾选） | □对外担保总额（含本次）超过上市公司最 | | | 近一期经审计净资产 50% | | | □对外担保总额（含本次）超过上市公司最 ...

Group 1 - A-share companies are increasingly planning to list in Hong Kong, indicating a trend in the market [1] - A total of 29 A-share listed companies have disclosed plans for Hong Kong listings this month [1] - Notable companies involved in this trend include Huaxin Cement, Shengbang Co., Dongcheng Pharmaceutical, and others [1]