近日，"企业资源共享服务一哥"天九共享智慧企业服务股份有限公司（以下简称"天九共享智慧"）向港 交所递交上市申请书，联席保荐人为建银国际和交银国际，冲击"中国企业资源共享服务第一股"。 南都N视频记者梳理天九共享智慧的过往上市资料发现，其近年营收出现下滑，利润大增但均依赖投资 估值带动，另外，还存在控股股东也是大客户和供应商之一等情况。针对于此，日前南都记者尝试联系 天九共享智慧方面了解具体情况，截至发稿未收到回复。 | 編纂]項下[編纂]數目 | : [編纂]股H股(視乎[編纂]行使與否而定) | | --- | --- | | [編纂]數目 : [编纂]股H股(可予[编纂]) | | | [編纂]數目 | : [編纂]股H股(可予[編纂]及視乎[編纂] | | 行使與否而定) | | | 最高[編纂]:每股H股[編纂]港元,另加1%經紀 | | | 佣金、0.0027%證監會交易徵費、 | | | 0.00565%香港聯交所交易賽及 | | | 0.00015%會財局交易徵費(須於申請 | | | 時以港元繳足,多繳款項可予退還) | | | 面值 : 每股H股人民幣1.00元 | | | [编纂] :「 ...

近日，"企业资源共享服务一哥"天九共享智慧企业服务股份有限公司（以下简称"天九共享智慧"）向港交所递交上市申请书，联席保荐人为建银国际和交银 国际，冲击"中国企业资源共享服务第一股"。 南都N视频记者梳理天九共享智慧的过往上市资料发现，其近年营收出现下滑，利润大增但均依赖投资估值带动，另外，还存在控股股东也是大客户和供应 商之一，以及控股股东此前涉及"灰色慈善"等情况。针对于此，日前南都记者尝试联系天九共享智慧方面了解具体情况，截至发稿未收到回复。 去年上半年收入同比大跌，多项核心运营指标下滑明显 从业绩来看，招股书显示，2022年、2023年及2024年，天九共享智慧分别实现营收8.11亿元、14.91亿元及17.72亿元，2025年上半年同比下滑37.82%至7.25 亿元。依据弗若斯特沙利文报告，按2022年至2024年收入计算，天九企服是中国市场中最大的企业资源共享服务企业，核心业务为向企业提供加速服务，这 一收入占比近年维持在99%以上。 在企业加速服务中，收费模式则分为"现金服务费"和"股权服务费"。招股书介绍，现金服务费通常为传统企业向创新企业支付合作费的30%左右，股权服务 费则为收取创新企业 ...

Core Viewpoint - Tianjiu Shared Wisdom Enterprise Service Co., Ltd. (Tianjiu Qifu) is preparing for an IPO on the Hong Kong Stock Exchange, showcasing impressive financial metrics, including a net profit margin of 346.1% in the first half of 2025, which raises questions about the sustainability of such high profitability [1][9][14]. Financial Performance - The company reported a revenue of 7.25 billion yuan in the first half of 2025, with a net profit soaring to 25.08 billion yuan, marking a 241% increase year-on-year [1][9]. - Revenue has shown a consistent upward trend, increasing from 8.11 billion yuan in 2022 to 14.91 billion yuan in 2023, and projected to reach 17.72 billion yuan in 2024 [7][10]. - The net profit margin has dramatically increased from 41.7% in 2023 to 346.1% in the first half of 2025, indicating a significant leap in profitability [9][14]. Business Model and Strategy - Tianjiu Qifu operates as a "shared resource service platform," connecting innovative enterprises with traditional businesses to optimize resource allocation [16][19]. - The company utilizes a "cash + equity" service fee structure, which allows it to gain equity stakes in client companies, potentially leading to substantial investment returns as these companies grow [12][14]. - The platform has over 6.2 million registered users and has facilitated more than 10,000 collaborations, demonstrating its extensive network and operational scale [18][19]. Market Position and Growth Potential - Tianjiu Qifu is recognized as the largest enterprise resource sharing service provider in China, holding a market share of approximately 5.4% in 2024, indicating significant growth potential in a fragmented market [19]. - The enterprise resource sharing service market in China is projected to grow from 122 billion yuan in 2020 to 320 billion yuan by 2024, with a compound annual growth rate of 27.3% [19]. Leadership and Governance - The board of directors includes notable figures such as Ge Jun, who has extensive experience in global technology firms, and former Hong Kong Financial Secretary John Tsang, enhancing the company's credibility [3][24][26]. - The leadership's background in technology and finance is expected to strengthen the company's governance and strategic direction as it approaches its IPO [26][31]. IPO Details - Tianjiu Qifu submitted its IPO application to the Hong Kong Stock Exchange on December 30, 2025, with joint sponsors being Jianyin International and Bank of Communications International [4][6]. - The funds raised from the IPO are intended for business expansion, technology upgrades, strategic investments, and working capital [6][10].

Core Viewpoint - Tianjiu Enterprise Service (天九企服) has submitted its prospectus to the Hong Kong Stock Exchange for a main board listing, aiming to enhance its business acceleration ecosystem and expand its customer base through the raised funds [2][4]. Company Overview - Tianjiu Enterprise Service is a leading enterprise resource sharing service platform in China and one of the earliest pioneers in the sector [2][5]. - The company focuses on accelerating the business development of innovative enterprises while assisting traditional enterprises in their transformation [2][5]. - According to Frost & Sullivan, Tianjiu is the largest enterprise resource sharing service provider in the Chinese market based on revenue projections for 2022, 2023, and 2024 [2][5]. Business Model and Services - Since 2014, Tianjiu has been providing business acceleration services, launching the Tianjiu Boss Cloud platform in 2017, which has evolved into a comprehensive service platform driven by big data analysis and AI applications [2][5]. - As of December 21, 2025, the platform has over 6.2 million registered users, significantly increasing from over 1 million in 2021 [6][8]. Financial Performance - For the six months ending June 30, 2025, Tianjiu reported revenue of approximately 725 million RMB, a year-on-year decrease of about 37.9%, while net profit reached approximately 2.508 billion RMB, a year-on-year increase of about 241.3% [3]. Fundraising Purpose - The net proceeds from the IPO are intended for enhancing the business acceleration ecosystem, strengthening marketing efforts, expanding customer coverage, improving the Tianjiu Boss Cloud platform, and enhancing AI and big data analysis capabilities [4]. Competitive Advantages - Tianjiu has established significant competitive advantages in the enterprise resource sharing industry through its unique business model, efficient resource sharing, and leading technology [17]. - The company employs a "cash + equity" fee structure that creates a win-win situation for both clients and itself [17].

Core Insights - Tianjiu Qifu is initiating its IPO process by submitting a prospectus to the Hong Kong Stock Exchange, positioning itself as a leader in the enterprise resource sharing service sector in China [1] - The company aims to facilitate the growth of innovative enterprises while assisting traditional enterprises in their transformation, playing a crucial role in China's industrial upgrade and innovation wave [1] Company Overview - Tianjiu Qifu is recognized as the largest enterprise resource sharing service provider in China, according to a Frost & Sullivan report, based on revenue projections from 2022 to 2024 [1] - The company's business model connects innovative enterprises with traditional businesses through online and offline channels, utilizing big data and AI for standardized business cooperation [1] Platform and User Engagement - As of the last feasible date, the Tianjiu Boss Cloud platform has over 6.2 million registered users, showcasing a wide array of traditional enterprise resources [2] - In 2024, the platform is expected to host over 22,000 roadshows and achieve 500 million ad exposures, with a professional outreach team organizing over 1,200 offline events [2] Technological Advancements - Tianjiu Qifu has developed proprietary technologies, including the Tianxing Qiong vertical industry language model and AI tools, which provide core technical support for precise matching [2] - The company is the only one in the industry to have obtained national high-tech enterprise certification and completed algorithm filing [2] Financial Performance - The company has demonstrated strong growth, with revenue increasing from 810.7 million RMB in 2022 to 1.491 billion RMB in 2023, and projected to reach 1.772 billion RMB in 2024 [2] - Tianjiu Qifu achieved profitability in 2023, with profits of 621 million RMB and a net profit margin of 41.7%, expected to rise to 13.15 billion RMB and 74.2% in 2024 [2] - For the six months ending June 30, 2025, profits are projected to soar to 2.508 billion RMB, with a remarkable net profit margin of 346.1% [2] Industry Context - The enterprise resource sharing platform addresses the structural reshaping of Chinese enterprises amid digitalization, connecting innovative and traditional businesses [3] - The market size is projected to grow from 12.2 billion RMB in 2020 to 32 billion RMB in 2024, with a compound annual growth rate of 27.3%, potentially reaching 84.6 billion RMB by 2029 [3] IPO Utilization - Proceeds from the IPO will be primarily used to enhance the business acceleration ecosystem, strengthen marketing efforts, expand customer reach, upgrade the Tianjiu Boss Cloud platform and AI capabilities, pursue strategic investments and acquisitions, and supplement working capital [3] - The IPO is expected to further integrate industry resources and lead to standardized development within the sector [3]

Core Viewpoint - Tianjiu Shared Smart Enterprise Service Co., Ltd. is applying for a listing on the Hong Kong Stock Exchange, aiming to enhance its business acceleration ecosystem and expand its customer base [2][12]. Group 1: Company Overview - Tianjiu Shared is a leading enterprise resource sharing service platform in China and one of the earliest pioneers in the sector [3]. - The company connects innovative enterprises with traditional businesses through online and offline channels, leveraging big data and AI technology to facilitate standardized business cooperation [3][4]. - As of the last feasible date, the Tianjiu Boss Cloud platform has over 6.2 million registered users, primarily traditional enterprises undergoing critical transformation [7]. Group 2: Financial Performance - The company's revenue increased from 811 million RMB in 2022 to 1.491 billion RMB in 2023, and further to 1.772 billion RMB in 2024 [11]. - Gross profit for the years 2022, 2023, and 2024 was 226 million RMB, 630 million RMB, and 945 million RMB, respectively, with gross margins of 27.8%, 42.3%, and 53.3% [11]. - In 2023, the company turned a profit, recording a net profit of 621 million RMB, with a net profit margin of 41.7% [12]. Group 3: Market Potential - The enterprise resource sharing service industry in China is projected to grow from 12.2 billion RMB in 2020 to 32 billion RMB by 2024, with a compound annual growth rate (CAGR) of 27.3% [11]. - The market is expected to reach 84.6 billion RMB by 2029, driven by the expansion needs of numerous innovative enterprises, with a CAGR of 21.5% from 2025 to 2029 [11]. Group 4: Strategic Initiatives - The company plans to use the funds raised from the IPO to enhance its business acceleration ecosystem, strengthen marketing efforts, and expand customer coverage [12]. - Investments will also focus on improving the Tianjiu Boss Cloud platform and enhancing AI and big data analytics capabilities [12].

香港聯合交易所有限公司及證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失 承擔任何責任。 Tojoy Shared Smart Enterprise Services Co., Ltd. 天九共享智慧企業服務股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警 告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求而刊 發，僅用作向香港公眾人士提供資料。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即表示閣下知悉、 接納並向天九共享智慧企業服務股份有限公司（「本公司」）、其聯席保薦人、聯席整體協調人、顧問或包銷團成員 表示同意： 於本公司招股章程根據香港法例第32章《公司（清盤及雜項條文）條例》送呈香港公司註冊處處長登記前，不會向 香港公眾人士提出要約或邀請。倘在適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據於香港公 司註冊處處長登記的本公司招股章程作出投資決定。該文件 ...