来源：财富情报局 作者丨砚知 2025年最后时刻向港交所递交招股书的天九企服，呈现了"两个世界"。 在A面世界，天九企服是"中国领先的企业资源共享服务平台"，通过自研的"天九老板云"平台，用大数 据和AI算法精准匹配创新企业与亟待转型的传统企业，为其赋能，共享增长。它拥有超过620万注册用 户，市占率第一，前景广阔。 在B面世界，天九企服却是另一番模样：其净利润高度依赖股权账面增值而非主营业务造血，控股股东 既是最大客户又是核心供应商且关联交易频繁，平台用户增长断崖式下滑，以及一卷跨越十年、涉及近 百次交易、估值从1元飙升至220元再通过复杂平台腾挪、最终为控股股东带来超过28亿元现金回款的股 权变迁流水账。 哪个世界更接近真实？或许，两者都是。但资本市场需要厘清：驱动这家公司价值的核心，究竟是平台 真实的赋能效率与增长潜力，还是一系列令人眼花缭乱的资本运作与估值游戏？ 01 "行业第一"光环下，多个核心指标失速 天九企服为自己贴上的核心标签是"企业资源共享服务平台"根据是弗若斯特沙利文报告，按2022年、 2023年及2024年收入计，它是中国该领域的最大参与者。 招股书显示，2024年中国企业资源共享服务 ...

Core Viewpoint - Tianjiu Qifu is poised to become the first publicly listed company in China's enterprise resource sharing service sector, with its IPO application submitted on December 30, 2023 [1] Group 1: Company Overview - Tianjiu Qifu is led by CEO Ge Jun, who has nearly 25 years of experience in multinational technology management, having held senior positions at Intel, Apple, and NVIDIA [1] - Since taking over in 2019, Ge Jun has transformed the company from an "event organizer" to a "platform builder for enterprise growth resources" [1] Group 2: Market Potential - The enterprise resource sharing service market is projected to reach approximately 31.97 billion RMB in 2024, with the top five market players holding only 8.6% of the total market share [2] - Tianjiu Qifu is recognized as a leader in this sector, with a market share exceeding 5.4% in 2024 [2] Group 3: Business Model and Financial Performance - From 2022 to 2024, the company's revenue is expected to grow from 0.811 billion RMB to 1.772 billion RMB, indicating a significant compound annual growth rate [3] - The company achieved profitability in 2023 with a net profit of 0.621 billion RMB, projected to increase to 1.315 billion RMB in 2024 [3] - Tianjiu Qifu employs a unique "cash + equity" fee structure, alleviating cash payment pressures for innovative enterprises while ensuring stable cash flow and long-term growth potential [3] Group 4: Industry Resources and Technology - As of the latest feasible date, Tianjiu Qifu's online platform "Tianjiu Boss Cloud" has over 6.2 million registered users, primarily from traditional enterprises and entrepreneurs [3] - The company has served over 400 innovative enterprises and has more than 20,000 potential innovative enterprises in its resource pool [3] - The company leverages big data and AI technologies for efficient business collaboration, and it is recognized as a national high-tech enterprise [4] Group 5: IPO Fund Utilization - Funds raised from the IPO will be allocated for market expansion, technology development, mergers and acquisitions, and general corporate purposes to strengthen Tianjiu Qifu's leading position in the enterprise resource sharing sector [4]