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 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 Viewpoint - Tianjiu Shared Smart Enterprise Service Co., Ltd. has officially submitted its main board listing application to the Hong Kong Stock Exchange on December 30 [1] Group 1: Company Overview - Tianjiu Qifu positions itself as a resource-sharing service platform connecting innovative enterprises with traditional businesses, utilizing online and offline integration, big data, and AI technology for precise resource matching and standardized cooperation [3] - The company operates primarily through its self-developed one-stop service platform "Tianjiu Boss Cloud," which has over 6.2 million registered users as of the last feasible date [3] - In 2024, the platform is expected to host over 22,000 roadshow events and more than 1,200 offline professional service activities to facilitate the conversion of online cooperation intentions [3] Group 2: Technological Capabilities - The company's business model is supported by its core technologies, including the "Tianxing Qiong" vertical industry large language model, "Tianji" algorithm, and AI toolkit, ensuring the precision of resource matching [3] - Tianjiu Qifu is the only company in the industry to have obtained national high-tech enterprise certification and completed the relevant algorithm filing [3] Group 3: Financial Performance - The company has shown significant revenue growth, increasing from 810.7 million RMB in 2022 to 1.772 billion RMB in 2024 [4] - Tianjiu Qifu achieved profitability in 2023, with profits of 621 million RMB and projected profits of 1.315 billion RMB in 2024 [4] - In the first half of 2025, the company reported revenue of 725 million RMB [4] Group 4: IPO Fund Utilization - The funds raised from the IPO are planned to be used for enhancing the business acceleration ecosystem, strengthening marketing and customer coverage, upgrading technology platforms and AI capabilities, making strategic investments and acquisitions, and supplementing working capital [4]

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]