美妆巨头贡献超14%营收，天下秀冲刺港股IPO

Core Viewpoint - Tianxiao Digital Technology (Group) Co., Ltd., known as the "first stock of the internet celebrity economy" in China, has officially submitted its IPO application to the Hong Kong Stock Exchange, aiming to establish a dual listing in both A-shares and H-shares [1] Company Background - Founded in 2009, Tianxiao has been deeply involved in the influencer marketing sector for 17 years and is the first company in China to operate a mature influencer marketing solution platform [1] - The company has built a platform ecosystem connecting brand merchants, influencers, and MCN organizations, with a significant focus on the cosmetics and beauty industry [1] Financial Performance - For the first three quarters of 2025, the company's revenue decreased from 3.045 billion RMB in the previous year to 2.734 billion RMB, representing a decline of approximately 10.2% [3][4] - Gross profit also fell from 506 million RMB to 469 million RMB, while operating profit nearly halved from 96 million RMB to 44 million RMB [3][4] - Cash flow has been consistently negative, with net cash from operating activities being negative for both the first three quarters of 2024 and 2025 [5] Client Relationships - Major clients include Procter & Gamble, L'Oréal, Unilever, and Estée Lauder, with L'Oréal and Estée Lauder contributing 195 million RMB and 192 million RMB respectively, accounting for 14.1% of the company's total revenue [1][6] - The influencer marketing platform's revenue contribution from beauty clients is significant, making them a key support for the core business [6] Market Position - In 2024, Tianxiao held a 26.1% market share in China's influencer marketing solutions platform industry and a 16.5% share globally [2] - Despite facing challenges such as declining performance and cash flow issues, partnerships with major beauty brands remain stable and continue to provide reliable cash flow support [6] Future Outlook - The upcoming implementation of the "Live E-commerce Supervision and Management Measures" on February 1, 2026, is expected to create broader opportunities for collaboration between Tianxiao and beauty brands, injecting lasting momentum into its post-IPO development [7]