Core Viewpoint - Tianjiu Shared Wisdom is seeking to become the first publicly listed company in China's enterprise resource sharing service sector, despite recent revenue declines and reliance on investment valuations for profit growth [2][11]. Financial Performance - Revenue for Tianjiu Shared Wisdom was reported at 811 million RMB in 2022, projected to increase to 1.49 billion RMB in 2023 and 1.77 billion RMB in 2024, but saw a significant decline of 37.82% to 725 million RMB in the first half of 2025 [6][9]. - The company achieved net profits of -178 million RMB in 2022, 621 million RMB in 2023, and 1.31 billion RMB in 2024, with a projected 2.5 billion RMB in the first half of 2025, indicating a strong reliance on investment valuations for profit [11][12]. Revenue Composition - The core business of Tianjiu Shared Wisdom is providing acceleration services, which accounted for nearly 99% of revenue in recent years. The revenue model includes cash service fees and equity service fees, with cash service fees contributing significantly [6][7]. - Cash service fees were reported at 758 million RMB in 2022, increasing to 1.12 billion RMB in 2023, but dropped to 604 million RMB in the first half of 2025 [6][9]. User Metrics - The number of new registered users decreased sharply from 683,000 in the first half of 2024 to 329,000 in the first half of 2025, indicating challenges in user acquisition [9][10]. - Average monthly active users fell by 23.03% to 209,000 in the first half of 2025, despite an increase in online roadshow events [9][10]. Client Relationships - Tianjiu Shared Wisdom has a complex relationship with its controlling shareholder, Tianjiu Shared Holdings, which is both a major client and supplier. This entity accounted for a significant portion of the company's revenue, with contributions of 25.5% in 2022 and 34.9% in 2023 [16][17]. - The credit terms for Tianjiu Shared Holdings are notably more favorable, with a 120-day credit period compared to the standard 30 days for other clients [16]. Research and Development - Investment in research and development has been declining, with expenditures dropping from 61.5 million RMB in 2023 to 20.7 million RMB in the first half of 2025, raising concerns about the company's competitive edge [14][15].

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 ...