A股“网红第一股”天下秀递表港交所 研发费率走低

Core 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, despite recent declines in revenue and profit [1][2][3]. Group 1: Company Overview - Tianxiaxiu is recognized as the first mature influencer marketing solutions platform in China, with a market share of 26.1% in the domestic market and 16.5% globally [2]. - The company operates primarily through its proprietary platform WEIQ, which connects advertisers with influencers and content creators [2]. - As of Q3 2025, the company has approximately 222,600 advertising clients and 3.5862 million registered influencers [2]. Group 2: Financial Performance - The company reported revenues of 4.202 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 decline in revenue of 3.23% and 10.21% year-on-year [4]. - Profit figures for the same periods were 80.964 million yuan, 43.353 million yuan, and 32.573 million yuan, showing a significant drop of 46.45% in 2024 and nearly halving in 2025 [4]. - Cash flow from operating activities was negative for both the first three quarters of 2024 and 2025, at -76.256 million yuan and -36.499 million yuan, respectively [4]. Group 3: Market Dynamics - 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% [2]. - Despite the overall market growth, Tianxiaxiu's performance has not aligned with the industry's expansion [3]. Group 4: Dependency and Risks - The company heavily relies on third-party UGC platforms, with procurement from the top five suppliers accounting for 76% to 88.6% of total purchases during the reporting period [6]. - As of Q3 2025, trade receivables and notes reached 1.968 billion yuan, representing nearly 44% of total current assets, with impairment losses significantly increasing [4][6]. Group 5: Research and Development - Despite claims of transitioning to an AI-driven technology group, R&D expenditures have decreased from 106 million yuan in 2023 to 45.158 million yuan in the first three quarters of 2025, with the R&D expense ratio dropping from 2.5% to 1.7% [7]. Group 6: Shareholder Structure - Sina Corporation is a significant stakeholder in Tianxiaxiu, holding approximately 38.89% of the total issued shares, and also acts as a major client and supplier [8][9].