Core Viewpoint - Tianjiu Shared is pursuing an IPO on the Hong Kong Stock Exchange, despite recent declines in revenue and key operational metrics in the first half of 2025, raising concerns about its reliance on fair value gains from financial assets for profit growth [1][8]. Group 1: Company Overview - Tianjiu Shared is positioned as a platform for enterprise resource sharing, aiming to accelerate the business development of innovative companies and assist traditional enterprises in their transformation [3]. - The company claims to be the largest enterprise resource sharing service provider in China based on revenue for the years 2022, 2023, and 2024 [3]. - As of June 30, 2025, Tianjiu Shared has provided business acceleration services to over 400 innovative companies and facilitated more than 10,000 collaborations between innovative and traditional enterprises [3]. Group 2: Financial Performance - Revenue for Tianjiu Shared from 2022 to 2025 is reported as follows: 811 million RMB in 2022, 1.491 billion RMB in 2023, 1.772 billion RMB in 2024, and 725 million RMB in the first half of 2025, with a compound annual growth rate of 47.9% from 2022 to 2024 [7]. - Despite the revenue growth, there was a significant decline of 37.8% in revenue in the first half of 2025 compared to the previous year [7]. - The net profit has shown a substantial increase, with figures of -178 million RMB in 2022, 621 million RMB in 2023, 1.315 billion RMB in 2024, and 2.508 billion RMB in the first half of 2025, resulting in a net profit margin of 346.1% in the first half of 2025 [8]. Group 3: Operational Metrics - Key operational metrics for Tianjiu Shared, such as new registered users, average monthly active users, and the number of collaborations facilitated, have all shown a year-on-year decline in the first half of 2025 [6]. - The company reported a total of 6.2 million registered users on its Tianjiu Boss Cloud platform as of the last feasible date [3]. - The number of roadshows conducted on the platform increased to over 22,000 in 2024, with significant advertising exposure [4]. Group 4: Profitability and Business Model - Tianjiu Shared's profit structure is heavily reliant on fair value gains from financial assets, with 103.5%, 97.6%, and 109.9% of profits in 2023, 2024, and the first half of 2025, respectively, coming from these gains [8][9]. - The company’s cash flow from operating activities has been negative across the reporting periods, indicating potential sustainability issues for its profit model [11]. - The fair value of financial assets increased significantly from 1.002 billion RMB at the end of 2022 to 6.56 billion RMB by mid-2025, primarily due to the rising valuations of its innovative enterprise clients [9]. Group 5: Ownership and Control - The actual controller of Tianjiu Shared is Lu Junqing, founder of the World Outstanding Chinese Business Association, who holds 39.75% of the voting rights through Tianjiu Shared Holdings [2][12]. - Tianjiu Shared Holdings has been a significant customer and supplier for Tianjiu Shared, contributing 25.5% to 9.2% of sales from 2022 to the first half of 2025 [13].

Core Insights - Tianjiu Qifu is initiating its IPO process by submitting a prospectus to the Hong Kong Stock Exchange, positioning itself as a leader in the enterprise resource sharing service sector in China [1] - The company aims to facilitate the growth of innovative enterprises while assisting traditional enterprises in their transformation, playing a crucial role in China's industrial upgrade and innovation wave [1] Company Overview - Tianjiu Qifu is recognized as the largest enterprise resource sharing service provider in China, according to a Frost & Sullivan report, based on revenue projections from 2022 to 2024 [1] - The company's business model connects innovative enterprises with traditional businesses through online and offline channels, utilizing big data and AI for standardized business cooperation [1] Platform and User Engagement - As of the last feasible date, the Tianjiu Boss Cloud platform has over 6.2 million registered users, showcasing a wide array of traditional enterprise resources [2] - In 2024, the platform is expected to host over 22,000 roadshows and achieve 500 million ad exposures, with a professional outreach team organizing over 1,200 offline events [2] Technological Advancements - Tianjiu Qifu has developed proprietary technologies, including the Tianxing Qiong vertical industry language model and AI tools, which provide core technical support for precise matching [2] - The company is the only one in the industry to have obtained national high-tech enterprise certification and completed algorithm filing [2] Financial Performance - The company has demonstrated strong growth, with revenue increasing from 810.7 million RMB in 2022 to 1.491 billion RMB in 2023, and projected to reach 1.772 billion RMB in 2024 [2] - Tianjiu Qifu achieved profitability in 2023, with profits of 621 million RMB and a net profit margin of 41.7%, expected to rise to 13.15 billion RMB and 74.2% in 2024 [2] - For the six months ending June 30, 2025, profits are projected to soar to 2.508 billion RMB, with a remarkable net profit margin of 346.1% [2] Industry Context - The enterprise resource sharing platform addresses the structural reshaping of Chinese enterprises amid digitalization, connecting innovative and traditional businesses [3] - The market size is projected to grow from 12.2 billion RMB in 2020 to 32 billion RMB in 2024, with a compound annual growth rate of 27.3%, potentially reaching 84.6 billion RMB by 2029 [3] IPO Utilization - Proceeds from the IPO will be primarily used to enhance the business acceleration ecosystem, strengthen marketing efforts, expand customer reach, upgrade the Tianjiu Boss Cloud platform and AI capabilities, pursue strategic investments and acquisitions, and supplement working capital [3] - The IPO is expected to further integrate industry resources and lead to standardized development within the sector [3]

Core Viewpoint - Tianjiu Shared Smart Enterprise Service Co., Ltd. is applying for a listing on the Hong Kong Stock Exchange, aiming to enhance its business acceleration ecosystem and expand its customer base [2][12]. Group 1: Company Overview - Tianjiu Shared is a leading enterprise resource sharing service platform in China and one of the earliest pioneers in the sector [3]. - The company connects innovative enterprises with traditional businesses through online and offline channels, leveraging big data and AI technology to facilitate standardized business cooperation [3][4]. - As of the last feasible date, the Tianjiu Boss Cloud platform has over 6.2 million registered users, primarily traditional enterprises undergoing critical transformation [7]. Group 2: Financial Performance - The company's revenue increased from 811 million RMB in 2022 to 1.491 billion RMB in 2023, and further to 1.772 billion RMB in 2024 [11]. - Gross profit for the years 2022, 2023, and 2024 was 226 million RMB, 630 million RMB, and 945 million RMB, respectively, with gross margins of 27.8%, 42.3%, and 53.3% [11]. - In 2023, the company turned a profit, recording a net profit of 621 million RMB, with a net profit margin of 41.7% [12]. Group 3: Market Potential - The enterprise resource sharing service industry in China is projected to grow from 12.2 billion RMB in 2020 to 32 billion RMB by 2024, with a compound annual growth rate (CAGR) of 27.3% [11]. - The market is expected to reach 84.6 billion RMB by 2029, driven by the expansion needs of numerous innovative enterprises, with a CAGR of 21.5% from 2025 to 2029 [11]. Group 4: Strategic Initiatives - The company plans to use the funds raised from the IPO to enhance its business acceleration ecosystem, strengthen marketing efforts, and expand customer coverage [12]. - Investments will also focus on improving the Tianjiu Boss Cloud platform and enhancing AI and big data analytics capabilities [12].

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Core Insights - Tianjiu Shared Group celebrated its 34th anniversary on August 18, with its platform "Tianjiu Boss Cloud" surpassing 6 million registered users, marking a significant milestone in the business sector [1][3] Company Overview - Founded in 1991, Tianjiu Shared Group is a big data-driven entrepreneur resource-sharing platform operating in over 40 cities globally [3] - The platform has become one of the largest entrepreneur big data resource platforms in China, aligning with the trends of platformization and intelligence in the current market [3] User Base and Impact - The 6 million registered users span various industries, regions, and development stages, creating a dynamic demand map, resource network, and intelligent ecosystem [3] - The platform enhances resource and relationship connections among businesses, facilitating commercial cooperation and opportunity sharing [3] Technological Advancements - Continuous investment in AI technology has been pivotal for the growth of Tianjiu Boss Cloud, with its self-developed "Tianxing Qiong" model receiving national recognition for enterprise-level AI service capabilities [4] - The model's compliance with national regulations has redefined the service experience for enterprises, enabling precise service delivery and intelligent connections [4] Policy Alignment - Tianjiu Shared Group's development aligns with national policies promoting the healthy and sustainable growth of platform economies, as highlighted in the 2025 government work report [4] - The implementation of the "Interim Measures for the Management of Generative Artificial Intelligence Services" provides a favorable environment for compliant AI enterprises like Tianjiu [4] Future Directions - The company aims to build a new paradigm of "intelligent connection - precise empowerment - ecological win-win" driven by AI, injecting growth vitality into enterprises and supporting the sustainable development of China's private economy [4] - Tianjiu Shared Group emphasizes its mission of "empowering the business world, sharing happiness," focusing on accelerating business for new economy enterprises and aiding traditional enterprises in their transformation [5] Achievements and Recognition - The company has received numerous accolades, including being named one of China's top ten innovative enterprises and one of the best employers in China, reflecting its excellence in the business field and social responsibility [5]