作者：繁晟 2020年，艾瑞咨询联合天下秀（600556.SH）发布首份《中国红人新经济行业发展报告》。彼时，红人新经济市场规模强势突破万亿元，"网红第一股"如涵 控股、"红人经济第一股"天下秀相继登陆资本市场；2025年红人新经济市场规模的预测值更是一度被推高至8万亿元，行业"长红之势"风光无两。 然而，随着中国广告市场规模增速大幅放缓，这让红人经济赛道开始出现分化，竞争加剧，这也让上市公司开始遭遇资本困境，比如如涵控股上市仅2年， 便在长期破发及亏损困境中退市，而在天下秀的市值则缩水逾八成至不足百亿元。 在此背景下，天下秀开始启动出海战略。2025年8月22日，该公司发布公告称，为深入推进全球化战略布局，打造国际化资本运作平台，提升国际品牌形象 和综合竞争力，该公司正在筹划发行H股并在港交所上市。 在资本市场"失宠"且业绩持续下滑的情况下，天下秀此次赴港上市能令其"翻红"吗？ 红人经济真的"经济"吗？ 2000年左右，WEB2.0时代开启，网红与经济迎来"第一次亲密接触"，但由于当时的红人主要集中在博客、BBS论坛，变现渠道有限，且仅限于图文领域的 极少数"顶流"。 直至2009年， 随着移动互联网兴起、 ...

Core Insights - The influencer economy is experiencing a significant slowdown in growth due to macroeconomic pressures and the peak of traffic dividends, with the industry market size reaching 6.4 trillion yuan in 2023, a year-on-year growth of 18.3%, down from 48% in 2021 [1][2] - Tianxiexiu, a leading company in the influencer economy, reported a revenue of 4.066 billion yuan and a net profit of 51 million yuan for 2024, demonstrating strong operational resilience in a complex market environment [1][2] Industry Overview - The influencer economy is transitioning from rapid growth to refined operations, with the market size expected to exceed 8 trillion yuan by 2025, indicating continuous growth despite a slowdown in growth rates [2][3] - The number of registered merchants on Tianxiexiu's WEIQ platform reached 208,200, and the number of influencers increased to 3.464 million, with professional influencers growing by 44.7% year-on-year [2][3] Business Strategy - Tianxiexiu is enhancing its core business through the WEIQ influencer marketing platform, which has achieved key breakthroughs in connecting supply and demand, reflecting the increasing aggregation effect of leading companies in the influencer economy [2][3] - The company is leveraging AI technology to improve data and content services, creating a virtuous cycle that supports efficient service for small and medium-sized businesses [4][5] Technological Innovation - Tianxiexiu has introduced API technology to integrate its self-developed influencer placement platform with ByteDance's platforms, exploring new paths for technological collaboration [3] - The company's AIGC product "Linggan Island" has established three differentiated advantages, including a vast marketing database, a functional matrix for content creators and businesses, and compliance certifications [4][5] Global Expansion - The global influencer marketing market is projected to grow rapidly, reaching $32.55 billion by 2025, with Tianxiexiu's overseas marketing strategy focusing on both "technology output" and "resource integration" [5] - The company has launched Japanese and English versions of Linggan Island to support cross-border marketing, while its Japanese subsidiary has obtained cross-border agency qualifications [5]