IMS(SH:600556) Mei Ri Jing Ji Xin Wen·2026-01-06 10:41Core Viewpoint - Tianxiaxiu, a leading player in China's influencer marketing industry, has submitted an IPO application to the Hong Kong Stock Exchange, aiming to raise funds for global expansion and innovation in the influencer economy ecosystem. However, the company's recent financial performance shows a decline in both revenue and profit, raising concerns about its growth prospects in a rapidly expanding market [1][5]. Financial Performance - In the reporting period, Tianxiaxiu's revenue and profit have shown a downward trend, with 2024 revenue declining by 3.23% and profit dropping by 46.45% year-on-year. For the first three quarters of 2025, revenue and profit further decreased by 10.21% and 46.2%, respectively, indicating a significant decline in profitability [5][7]. - The company's revenue for 2023, 2024, and the first three quarters of 2025 were RMB 4.202 billion, RMB 4.066 billion, and RMB 2.734 billion, while profits were RMB 80.964 million, RMB 43.353 million, and RMB 32.573 million, respectively [6][11]. Market Position - According to Frost & Sullivan, Tianxiaxiu holds a 26.1% market share in China's influencer marketing solutions sector and a 16.5% share globally, making it the leading company in both markets [2]. - The company's primary business segments include influencer marketing solutions and innovative businesses within the influencer economy, with the former accounting for 97.6% of revenue in 2023 [2][3]. Cash Flow and Financial Health - Tianxiaxiu reported negative net cash flows from operating activities for both the first three quarters of 2024 and 2025, amounting to RMB -76.256 million and RMB -36.499 million, respectively, indicating cash consumption rather than generation [7][8]. - As of the end of the third quarter of 2025, the company's trade receivables and notes reached RMB 1.968 billion, representing nearly 44% of total current assets, with a significant increase in impairment losses [9]. R&D and Strategic Direction - Despite claims of transitioning to an AI-driven technology group, the company's R&D expenditures have decreased, from RMB 1.06 billion in 2023 to RMB 451.58 million in the first three quarters of 2025, leading to a drop in R&D spending as a percentage of total revenue from 2.5% to 1.7% [10][16]. - The company has indicated a focus on cost reduction and efficiency improvements, which may impact its innovation capabilities [16]. Client and Supplier Relationships - Tianxiaxiu's client base includes approximately 222,644 advertisers and 358,620 registered influencers as of the end of the third quarter of 2025 [3][4]. - The company has a high dependency on major clients and suppliers, with significant revenue and procurement coming from a limited number of sources, raising concerns about business sustainability [9][14].