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 - The company is undergoing a strategic transformation from traditional enterprise services to AI application promotion, which has led to a projected net loss of 45 to 55 million yuan for the reporting period due to high operational costs and credit loss provisions [8][9]. Financial Performance - The company expects a net profit loss of 45 to 55 million yuan, primarily due to the transition towards AI services and the reduction of its traditional intellectual property business [8]. - The operating profit loss has significantly narrowed compared to the previous year due to effective cost management and operational expense control [8]. Strategic Adjustments - The company is actively optimizing its product and customer structure to accelerate the implementation of AI services, aiming for high-quality development in its AI business [9]. - The company has completed core technology validation for its Tianqi model and is now focusing on scaling channel deployment and ecosystem partnerships, which involves substantial R&D and channel investment [8]. Historical Financial Data - Historical net profit and non-recurring profit data indicate a trend of increasing losses from 2020 to 2023, with projections for 2024 and 2025 suggesting continued challenges [10]. - The year-on-year growth rates for net profit and non-recurring profit have shown significant fluctuations, reflecting the company's ongoing transition and market conditions [10].

Group 1 - The core viewpoint of the news is that Chuangye Heima's stock has shown a positive trend with a 2.02% increase on January 6, reaching 30.33 CNY per share, with a total market capitalization of 5.077 billion CNY [1] - The company has seen a net inflow of main funds amounting to 8.5577 million CNY, with significant buying activity from large orders [1] - Chuangye Heima's stock price has increased by 3.91% year-to-date, with a 4.98% rise over the last five trading days and a 7.32% increase over the last 20 days, while it has decreased by 2.48% over the last 60 days [1] Group 2 - Chuangye Heima is classified under the social services sector, specifically in education and training, and is involved in various concept sectors including virtual digital humans, AIGC, intellectual property, Web3, and online education [2] - As of September 30, the number of shareholders for Chuangye Heima is 30,100, a decrease of 9.18% from the previous period, with an average of 4,931 circulating shares per person, which is an increase of 10.11% [2] - For the period from January to September 2025, Chuangye Heima reported an operating income of 102 million CNY, a year-on-year decrease of 35.68%, while the net profit attributable to the parent company was -24.9295 million CNY, reflecting a year-on-year increase of 42.24% [2] Group 3 - Chuangye Heima has distributed a total of 40.0023 million CNY in dividends since its A-share listing, with cumulative distributions of 836,900 CNY over the past three years [3]

Group 1 - The core viewpoint of the news is that Chuangye Heima's stock has experienced fluctuations, with a recent decline of 2.02% and a year-to-date drop of 4.40% [1] - As of November 14, the stock price is 30.60 CNY per share, with a total market capitalization of 5.122 billion CNY [1] - The company has seen a net outflow of main funds amounting to 5.7022 million CNY, with significant selling pressure from large orders [1] Group 2 - Chuangye Heima Technology Group Co., Ltd. was established on November 16, 2011, and went public on August 10, 2017, providing entrepreneurial services to small and medium enterprises [2] - The company's main business revenue composition includes 45.45% from enterprise acceleration services, 35.35% from intellectual property services, and 14.95% from artificial intelligence training [2] - As of September 30, the number of shareholders is 30,100, a decrease of 9.18%, while the average circulating shares per person increased by 10.11% [2] Group 3 - Since its A-share listing, Chuangye Heima has distributed a total of 40.0023 million CNY in dividends, with 836,900 CNY distributed over the past three years [3]

Core Viewpoint - The stock price of Chuangye Heima has experienced a decline of 6.59% year-to-date, with a recent drop of 2.10% on November 12, 2023, indicating ongoing market challenges for the company [1][2]. Financial Performance - For the period from January to September 2025, Chuangye Heima reported a revenue of 102 million yuan, representing a year-on-year decrease of 35.68%. However, the net profit attributable to shareholders was -24.93 million yuan, showing a year-on-year increase of 42.24% [3]. - Cumulatively, since its A-share listing, the company has distributed a total of 40.0023 million yuan in dividends, with 836,900 yuan distributed over the past three years [4]. Stock Market Activity - As of November 12, 2023, Chuangye Heima's stock price was 29.90 yuan per share, with a market capitalization of 5.005 billion yuan. The trading volume was 58.158 million yuan, with a turnover rate of 1.30% [1]. - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on February 13, 2023, where it recorded a net buy of -134 million yuan [2]. Shareholder Information - As of September 30, 2023, the number of shareholders for Chuangye Heima was 30,100, a decrease of 9.18% from the previous period. The average number of circulating shares per shareholder increased by 10.11% to 4,931 shares [3]. Business Overview - Chuangye Heima, established on November 16, 2011, and listed on August 10, 2017, is based in Beijing and focuses on providing entrepreneurial services and industry acceleration services to innovative and small to medium-sized enterprises. Its main revenue sources include enterprise acceleration services (45.45%), intellectual property services (35.35%), and AI training services (14.95%) [2]. - The company operates within the social services sector, specifically in education and training, and is associated with concepts such as online education, Web3, virtual digital humans, and AI [2].

Company Overview - Chuangye Heima has seen a stock price decrease of 2.06% year-to-date, with a recent increase of 10.04% over the last five trading days [2] - The company specializes in providing entrepreneurial services and industry acceleration services to innovative and small enterprises, with a business model that combines online and offline approaches [2] - The main revenue components include enterprise acceleration services (45.45%), intellectual property services (35.35%), AI training services (14.95%), and other services (4.25%) [2] Financial Performance - As of September 30, the number of shareholders for Chuangye Heima is 30,100, a decrease of 9.18% from the previous period, while the average circulating shares per person increased by 10.11% to 4,931 shares [3] - For the period from January to September 2025, the company reported revenue of 102 million yuan, a year-on-year decrease of 35.68%, while the net profit attributable to the parent company was -24.93 million yuan, reflecting a year-on-year increase of 42.24% [3] Market Activity - On November 4, Chuangye Heima's stock rose by 2.02%, reaching 31.35 yuan per share, with a trading volume of 225 million yuan and a turnover rate of 4.90%, resulting in a total market capitalization of 5.247 billion yuan [1] - The net inflow of main funds was 2.2533 million yuan, with large orders accounting for 25.46% of total purchases and 25.85% of total sales [1] Dividend Information - Since its A-share listing, Chuangye Heima has distributed a total of 40.0023 million yuan in dividends, with 830,000 yuan distributed over the past three years [4]

Financial Performance - The company's operating revenue for the reporting period was 31,617,723.60 yuan, representing a decrease of 45.42% compared to the same period last year [1] - The net profit attributable to shareholders of the listed company was -13,273,605.67 yuan, down 38.76% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -13,430,139.45 yuan, a decrease of 34.01% compared to the previous year [1] - The basic and diluted earnings per share were both -0.0796 yuan, reflecting a decline of 39.40% [1] - The weighted average return on equity was -3.29%, a drop of 70.47% year-on-year [1] Cash Flow and Investment - The net cash flow from operating activities was -56,312,400 yuan, indicating a significant decrease [25] - The net cash flow from financing activities was -336,880 yuan, which increased by 701,420 yuan year-on-year [25] - The net cash flow from investing activities was -7,821,470 yuan, compared to -6,853,750 yuan in the same period last year [25] Asset and Liability Changes - As of the end of the reporting period, total assets were 545,106,542.55 yuan, down from 636,301,507.66 yuan at the end of the previous year [1] - The equity attributable to shareholders of the listed company decreased to 400,008,582.31 yuan from 423,688,638.69 yuan [1] - The company's cash and cash equivalents decreased by 40.55% compared to the end of the previous year, with a significant drop in its proportion of total assets [32] - The company's liabilities, including accounts payable, decreased by 31.59%, affecting their proportion of total assets [35] Shareholder Structure - As of the end of the third quarter of 2025, a new shareholder, Cao Xiaobing, replaced Wang Qifei from the previous quarter [44] - The shareholding proportions of existing shareholders such as Cui Zihao, Zhang Yuxia, and Wang Jiwen have increased [44] Valuation Metrics - As of October 21, the company's price-to-earnings ratio (TTM) was approximately -55.57 times, with a price-to-book ratio (LF) of about 12.13 times and a price-to-sales ratio (TTM) of approximately 29.36 times [1]

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025 compared to the same period last year, indicating ongoing financial challenges and operational difficulties [2][24]. Financial Performance - Total operating revenue for the current period was approximately 70.56 million yuan, down from 100.93 million yuan in the same period last year, representing a decrease of about 30% [2]. - The net profit attributable to shareholders was a loss of approximately 11.66 million yuan, an improvement from a loss of 33.59 million yuan in the previous year [2]. - The net profit after deducting non-recurring gains and losses was a loss of approximately 17.51 million yuan, compared to a loss of 36.11 million yuan in the previous year [2]. - The net cash flow from operating activities was a negative 42.49 million yuan, worsening from a negative 29.21 million yuan in the same period last year [2]. Earnings Per Share - Basic and diluted earnings per share were both negative 0.08 yuan, an improvement from negative 0.20 yuan in the previous year [2]. Return on Equity - The weighted average return on equity for the first half of 2025 was negative 2.79%, an increase of 3.57 percentage points compared to the previous year [24]. Asset and Liability Changes - Total assets at the end of the reporting period were approximately 570.03 million yuan, down from 636.30 million yuan at the end of the previous year [2]. - The company's cash and cash equivalents decreased by 42.78%, and the proportion of cash to total assets fell by 19.36 percentage points [36]. - The company’s liabilities showed a decrease in accounts payable and notes payable by 23.34% compared to the previous year [39]. Shareholder Structure - As of the end of the reporting period, the largest shareholder was Blue Innovation Cultural Media (Tianjin) Partnership, holding 6.35% of the shares, with notable changes in the holdings of other major shareholders [45].

Group 1 - The stock price of Chuangye Heima reached 34.93 yuan as of August 4, 2025, with an increase of 0.72 yuan, representing a rise of 2.10% [1] - The stock hit a high of 35.12 yuan and a low of 33.65 yuan during the trading session, with a trading volume of 110,989 hands and a total transaction amount of 385 million yuan [1] - Chuangye Heima operates in sectors including education, venture capital, and online education, primarily providing entrepreneurial training, enterprise acceleration services, and industry resource matching [1] Group 2 - On the morning of August 4, Chuangye Heima's stock experienced a rapid rebound, with a rise of over 2% within 5 minutes and a transaction amount of 61.3 million yuan [2] - On August 4, the net inflow of main funds was 17.14 million yuan, accounting for 0.33% of the circulating market value [2] - Over the past five trading days, the cumulative net outflow of main funds was 26.33 million yuan, representing 0.51% of the circulating market value [2]