网红第一股又要IPO，天下秀的突围

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].