IMS(SH:600556) Ge Long Hui·2026-01-20 03:28Core Viewpoint - The company Tianxiaxiu Digital Technology (Group) Co., Ltd. is planning a secondary listing on the Hong Kong Stock Exchange, capitalizing on the booming short video and live-streaming e-commerce markets [1][28]. Group 1: Company Overview - Tianxiaxiu is known as the "first stock of internet celebrities" in A-shares and has a market capitalization exceeding 13.6 billion RMB as of January 16, 2026 [2]. - The company acts as a "super connector" in the global influencer marketing industry, bridging advertisers with influencers, MCN agencies, and third-party UGC platforms [1][9]. Group 2: Revenue Sources - Over 90% of the company's revenue comes from its influencer marketing solutions platform, with a high supplier concentration [3][9]. - The influencer marketing industry involves advertisers paying influencers to create and distribute content across third-party platforms to achieve marketing goals [4][5]. Group 3: Market Dynamics - The global influencer economy is projected to reach approximately 3.12 trillion RMB in 2024, with China's market expected to grow from 1.38 trillion RMB in 2024 to 2.11 trillion RMB by 2029, reflecting a compound annual growth rate (CAGR) of 8.8% [15]. - The influencer marketing industry in China is expected to reach 1,003 billion RMB in 2024, with a CAGR of 4.9% from 2024 to 2029, indicating a slowdown in growth [18]. Group 4: Financial Performance - The company's revenue for 2023, 2024, and the first nine months of 2025 is approximately 42.02 billion RMB, 40.66 billion RMB, and 27.34 billion RMB, respectively, with corresponding net profits of 809.64 million RMB, 433.53 million RMB, and 325.73 million RMB [22]. - The company has faced a decline in revenue due to a strategic focus on larger, more stable advertising clients, resulting in reduced transactions with smaller clients [22][24]. Group 5: Competitive Landscape - The industry is becoming increasingly concentrated, with the top five global players holding 40.4% of the market share, while in China, the top five companies account for 50.6% [27]. - Tianxiaxiu holds a leading market share of 16.5% in the global influencer marketing solutions platform industry as of 2024 [27]. Group 6: Future Prospects - The company plans to use the funds raised from the IPO for global expansion, enhancing its influencer economy ecosystem, and seeking strategic investments and acquisitions [31]. - Despite its established position, the company faces challenges from industry growth slowdown, customer structure adjustments, and high supplier concentration, which may impact operational stability [31].