IMS(SH:600556) 凤凰网财经·2026-01-09 10:15Core Viewpoint - The company, Tianxiaxiu Digital Technology Group, is seeking a secondary listing on the Hong Kong Stock Exchange primarily to raise funds for global expansion and innovation in the influencer economy, despite facing significant financial and operational challenges in recent years [1][2]. Financial Performance - The company's revenue and profitability have been declining, with total revenue dropping from a peak of 45.12 billion RMB in 2021 to an estimated 40.7 billion RMB in 2024, and a further decline to 27.3 billion RMB in the first nine months of 2025, representing a year-on-year decrease of 10.3% [4]. - Net profit has seen a dramatic decline, falling from 809.6 million RMB in 2023 to 433.5 million RMB in 2024, a decrease of 46%. For the first nine months of 2024 to 2025, net profit dropped from 605.5 million RMB to 325.7 million RMB, also a 46.2% decline [4]. - The company's cash flow from operating activities has been negative for both the first three quarters of 2024 and 2025, with accounts receivable reaching nearly 2 billion RMB, accounting for 70% of the revenue during the same period [6]. Business Challenges - The influencer marketing platform, which contributes over 95% of the company's revenue, is facing challenges due to a shrinking market, tightening advertising budgets, and intense competition, leading to a decline in gross margin from 23.55% in 2020 to 17.2% in the first nine months of 2025 [8]. - The company has attempted diversification by launching new consumer brands and entering the metaverse, but these efforts have yielded minimal results, with other business revenues accounting for less than 5% of total revenue [8]. Governance and Compliance Issues - The company has faced multiple crises regarding financial compliance and internal controls, including a regulatory order from the Guangxi Securities Regulatory Bureau in January 2024 due to reliance on manual operations for revenue cost accounting, leading to inaccuracies in financial reporting [9]. - Tax compliance issues were also identified, with the company needing to pay back taxes and penalties totaling 24.5157 million RMB, which have since been settled without administrative penalties [9]. - Technical risks were highlighted when a system failure led to the premature leak of promotional materials for a client, indicating weaknesses in the company's operational reliability [9]. Future Outlook - The company must demonstrate a clear path to improving profitability, strengthening corporate governance, and proving the viability of new business initiatives to convince investors of its potential for recovery during its upcoming listing [12].