天九共享冲刺港股上市：利润暴增背后存财务、股权多重隐忧

Core Viewpoint - Tianjiu Shared is pursuing an IPO on the Hong Kong Stock Exchange, despite recent declines in revenue and key operational metrics in the first half of 2025, raising concerns about its reliance on fair value gains from financial assets for profit growth [1][8]. Group 1: Company Overview - Tianjiu Shared is positioned as a platform for enterprise resource sharing, aiming to accelerate the business development of innovative companies and assist traditional enterprises in their transformation [3]. - The company claims to be the largest enterprise resource sharing service provider in China based on revenue for the years 2022, 2023, and 2024 [3]. - As of June 30, 2025, Tianjiu Shared has provided business acceleration services to over 400 innovative companies and facilitated more than 10,000 collaborations between innovative and traditional enterprises [3]. Group 2: Financial Performance - Revenue for Tianjiu Shared from 2022 to 2025 is reported as follows: 811 million RMB in 2022, 1.491 billion RMB in 2023, 1.772 billion RMB in 2024, and 725 million RMB in the first half of 2025, with a compound annual growth rate of 47.9% from 2022 to 2024 [7]. - Despite the revenue growth, there was a significant decline of 37.8% in revenue in the first half of 2025 compared to the previous year [7]. - The net profit has shown a substantial increase, with figures of -178 million RMB in 2022, 621 million RMB in 2023, 1.315 billion RMB in 2024, and 2.508 billion RMB in the first half of 2025, resulting in a net profit margin of 346.1% in the first half of 2025 [8]. Group 3: Operational Metrics - Key operational metrics for Tianjiu Shared, such as new registered users, average monthly active users, and the number of collaborations facilitated, have all shown a year-on-year decline in the first half of 2025 [6]. - The company reported a total of 6.2 million registered users on its Tianjiu Boss Cloud platform as of the last feasible date [3]. - The number of roadshows conducted on the platform increased to over 22,000 in 2024, with significant advertising exposure [4]. Group 4: Profitability and Business Model - Tianjiu Shared's profit structure is heavily reliant on fair value gains from financial assets, with 103.5%, 97.6%, and 109.9% of profits in 2023, 2024, and the first half of 2025, respectively, coming from these gains [8][9]. - The company’s cash flow from operating activities has been negative across the reporting periods, indicating potential sustainability issues for its profit model [11]. - The fair value of financial assets increased significantly from 1.002 billion RMB at the end of 2022 to 6.56 billion RMB by mid-2025, primarily due to the rising valuations of its innovative enterprise clients [9]. Group 5: Ownership and Control - The actual controller of Tianjiu Shared is Lu Junqing, founder of the World Outstanding Chinese Business Association, who holds 39.75% of the voting rights through Tianjiu Shared Holdings [2][12]. - Tianjiu Shared Holdings has been a significant customer and supplier for Tianjiu Shared, contributing 25.5% to 9.2% of sales from 2022 to the first half of 2025 [13].