传媒/广告营销 天下秀（600556.SH） 2025 年 08 月 26 日 投资评级：买入（维持） | 日期 | 2025/8/25 | | --- | --- | | 当前股价(元) | 5.48 | | 一年最高最低(元) | 8.30/3.30 | | 总市值(亿元) | 99.06 | | 流通市值(亿元) | 99.06 | | 总股本(亿股) | 18.08 | | 流通股本(亿股) | 18.08 | | 近 3 个月换手率(%) | 183.48 | 股价走势图 -50% 0% 50% 100% 150% 2024-08 2024-12 2025-04 天下秀 沪深300 数据来源：聚源 相关研究报告 《深耕红人营销，"拓平台+出海"驱 动增长飞轮—公司首次覆盖报告》 -2025.3.26 业绩短期波动，"AI+出海"驱动长期成长 ——公司信息更新报告 方光照（分析师） fangguangzhao@kysec.cn 证书编号：S0790520030004 看好 AI、出海、创新业务驱动业绩修复，维持"买入"评级 2025H1 公司实现营业收入 18.4 亿元（同比-8%），归母净利润 0. ...

在全球化布局方面，公司先后在中国香港、东京、吉隆坡等地设立办公室，组建"一站式"出海服务团 队。今年5月，灵感岛海外首个AI创新孵化中心在东京成立，标志着天下秀技术出海进入实质化阶段。 上半年，天下秀主营业务WEIQ红人营销平台持续成长，稳步推进"超级连接器"战略。截至上半年末， 平台累计注册商家客户数达21.9万个，较2024年末增长11118个；平台注册红人账户数累计达354.5万 个，其中职业化红人账户数达215.6万个；入驻WEIQ平台的MCN机构数量达19902家，较2024年末增长 741家。 公司聚焦"AI+出海"战略，以技术驱动商业模式创新。AIGC内容创作与智能营销平台"灵感岛"完成从单 一工具到智能营销生态的进化，推出六大Agent智能体，覆盖从创意内容生产到数据智能分析的全链 路。 转自：中国证券报·中证网 中证报中证网讯（记者 杨梓岩）8月21日晚，天下秀发布的2025年半年报显示，公司上半年实现营收 18.44亿元，净利润0.36亿元。上半年，公司毛利率同比提升1.56个百分点，达19.14%。 ...

Financial Performance - In the first half of 2025, the company achieved total operating revenue of 1.844 billion yuan and a net profit attributable to shareholders of 36 million yuan [1] - The company's gross margin increased by 1.56 percentage points year-on-year, reaching 19.14% [1] - In Q2 2025, the company reported operating revenue of 947 million yuan, a quarter-on-quarter increase of 5.6%, and a net profit of 23 million yuan, a quarter-on-quarter increase of 73% [1] Business Growth and Strategy - The company, as the first red economy platform enterprise in A-shares, continues to see growth in its core business, the WEIQ influencer marketing platform, validating its "super connector" strategy [1] - By the end of the first half of 2025, the cumulative number of registered merchant clients reached 219,000, an increase of 11,118 from the end of 2024 [1] - The number of registered influencer accounts reached 3.545 million, with 2.156 million being professional influencer accounts [1] - The number of MCN institutions on the WEIQ platform reached 19,902, an increase of 741 from the end of 2024 [1] Technological Innovation and Global Expansion - The company focuses on the "AI + Going Global" strategy, driving innovation in technology-driven business models [2] - The AIGC content creation and intelligent marketing platform "Inspiration Island" has evolved into a smart marketing ecosystem, launching six major Agent intelligences covering the entire link from creative content production to data intelligence analysis [2] - The company has established offices in Hong Kong, Tokyo, Singapore, and Kuala Lumpur, forming a one-stop overseas service team [2] - In May, the first overseas AI innovation incubation center of Inspiration Island was established in Tokyo, marking a substantial step in the company's technology going global [2] - The "technology + ecosystem" dual-driven strategy has shown significant results, creating greater value for global clients and creators [2]

Group 1 - Ronglian Technology (002642) and Tianxiexiu (600556) have formed a strategic partnership to enhance AI marketing solutions in the automotive industry [1] - The collaboration aims to provide an integrated intelligent solution for automotive marketing services, facilitating the deep integration of AI technology across the entire automotive industry chain [1] - The AI marketing solution was jointly launched at the strategic cooperation kickoff meeting, specifically targeting automotive marketing service scenarios [1]

Core Viewpoint - Apple, once a pioneer of innovation, now faces challenges in balancing platform rules with the innovation ecosystem, particularly through its App Store's paid ranking mechanism [1][4][10] Group 1: Impact on Developers - The introduction of paid search ads in the App Store has led to a situation where developers must pay to achieve visibility, disadvantaging smaller companies and independent developers who lack marketing budgets [1][2][4] - The App Store's ranking system has transformed into a survival game, where developers are forced to participate in costly advertising to gain exposure, leading to a decline in innovation [3][4][7] - The concentration of traffic towards larger companies with substantial advertising budgets has made it increasingly difficult for smaller innovators to compete, resulting in a loss of diversity in the app ecosystem [7][9][10] Group 2: Ecosystem and User Experience - The App Store's current model compromises user experience by prioritizing paid advertisements over organic search results, which can mislead users and diminish the quality of app discovery [2][4][10] - The shift towards a pay-to-play model has eroded the original value proposition of the App Store as a platform for innovation, where quality and user feedback once determined success [9][12] - The ecosystem is at risk of collapse if the platform continues to extract more value than it provides to innovators, as evidenced by the increasing frustration among developers [11][12] Group 3: Future Considerations - There is a call for Apple to reform its App Store policies to ensure fairer distribution of traffic and visibility for all developers, particularly those creating original applications [12][13] - The need for a balance between commercial interests and social responsibility is emphasized, as the future of innovation may depend on how platforms like Apple adapt to support smaller developers [11][12] - The potential for groundbreaking applications remains, but they risk being overlooked in the current competitive landscape dominated by advertising budgets [13]

Investment Rating - The report maintains an "Outperform the Market" rating for the company [4][6][23] Core Viewpoints - The company's revenue is expected to decline by 3.2% in 2024, primarily due to changes in customer structure and market conditions, with a projected revenue of 4.07 billion yuan [1][9] - The net profit for 2024 is forecasted to be 51 million yuan, a decrease of 44.5%, impacted by credit impairment losses of 76 million yuan and asset impairment losses of 10 million yuan [1][9] - The company is enhancing its influencer marketing platform efficiency and expanding its business layout in the influencer economy [2][17] - The commercialization of AIGC (AI-Generated Content) is gradually taking shape, with initial progress in overseas markets [3][18] Summary by Sections Financial Performance - In 2024, the company expects a revenue of 4.07 billion yuan, down 3.2% year-on-year, and a net profit of 51 million yuan, down 44.5% [1][5] - The gross margin decreased by 0.9 percentage points to 17.2%, while the overall expense ratio slightly decreased by 0.1 percentage points to 13.6% [12][20] Business Development - The active customer base and number of influencers on the marketing platform continue to grow, with 208,000 registered merchant customers and 3.466 million influencer accounts by the end of 2024 [2][17] - The company is building a decentralized creator economy ecosystem and has launched innovative services such as IMSOCIAL Accelerator and AI content creation tools [2][17] Profit Forecast - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 120 million, 140 million, and 160 million yuan respectively, reflecting year-on-year growth rates of 125.1%, 18.5%, and 17.7% [4][21] - The projected earnings per share (EPS) for 2025-2027 are 0.06, 0.08, and 0.09 yuan, with corresponding price-to-earnings (PE) ratios of 73x, 61.6x, and 52.3x [4][21]

Core Viewpoint - Tianxiaxiu (stock code: 600556) reported a steady performance in Q1 2025, achieving revenue of 897 million yuan and a net profit attributable to shareholders of 13.33 million yuan, reflecting a 44.99% year-on-year growth in net profit after excluding non-recurring gains and losses [1][2] Financial Performance - The company achieved a revenue of 897 million yuan in Q1 2025, with a net profit of 13.33 million yuan [1] - The net profit attributable to shareholders, excluding non-recurring gains, reached 12.96 million yuan, marking a year-on-year increase of 44.99% [1] Business Strategy and Development - Tianxiaxiu is positioned as the first red economy platform enterprise in A-shares, focusing on building a decentralized infrastructure for the red economy through technology [1] - The company reported an annual revenue exceeding 4 billion yuan in 2024, demonstrating resilience through optimized business structure and resource integration [1] - In Q1 2025, R&D expenses amounted to 21.99 million yuan, emphasizing the "AI + Going Global" strategy to drive innovation in business models [1] Technological Advancements - The company’s Hashii chain technology supported the cultural and creative brand alliance chain, successfully conducting "Digital Cultural Tourism. City Check-in" activities during the 2025 Spring Festival [1] - Tianxiaxiu's enterprise-level AIGC platform "Linggan Island" underwent a significant upgrade, reducing the time to extract successful patterns from historical data from minutes to 28 seconds and lowering single-generation costs to one-third of the industry average [2] Global Strategy - The global strategy of Tianxiaxiu has gained market attention, with the company leveraging domestic and international resource synergies to support Chinese brands going global and provide cross-regional marketing for overseas local brands [2] - The company aims to adhere to the "super connector" strategy, driving the upgrade of the entire red economy industry chain through technology [2]

Group 1 - The company reported a revenue of 897 million yuan and a net profit attributable to shareholders of 13.33 million yuan for Q1 2025, with a year-on-year net profit growth of 44.99% after excluding non-recurring gains and losses [1] - The company focuses on the influencer economy, providing services to content creators, MCNs, and brands, aiming to enhance business efficiency through technology-driven solutions [1] - R&D expenses reached 21.99 million yuan, with a focus on AI and blockchain technologies, enhancing content production efficiency for e-commerce [2] Group 2 - The "CONNECT 2025" partner conference was held, discussing new technologies and ecosystems in influencer marketing, and launching a strategic partnership plan for 2025 [3] - The company’s AIGC platform "Linggan Island" significantly improved its product iteration, reducing the time to extract successful product patterns from historical data to 28 seconds and lowering generation costs to one-third of the industry average [2] - The company is leveraging blockchain technology to support cultural brands and has implemented digital tourism projects in various cities during the 2025 Spring Festival [2]

Core Insights - The company, Tianxiaxiu, reported a stable performance in its 2024 annual financial results, achieving a revenue of 4.066 billion yuan and a net profit of 51 million yuan despite macroeconomic pressures [1] - The influencer marketing sector is experiencing growth, with professional influencers increasing by 44.7% to over 2.12 million, indicating a strategic resilience during industry adjustments [1] Group 1: Technology-Driven Upgrades - The WEIQ platform reached new heights in 2024, with registered merchant clients totaling 208,212, an increase of 8,423 from the previous year [2] - The number of registered influencer accounts surpassed 3.464 million, with professional influencers growing by 65,700 to 2.127 million, marking a 44.7% increase [2] - The shift towards "precision" in brand budgets is validating the company's strategic insights, as income from mid-tail influencers accounted for 87% of the platform's revenue [2] Group 2: AI Technology Integration - AI technology is reshaping the marketing landscape, with mainstream applications automating repetitive tasks, allowing marketers to focus on strategy and creativity [7] - The company's "Linggan Island" initiative leverages AIGC technology to enhance the entire marketing chain, from creative inspiration to performance tracking, significantly improving marketing efficiency [9] - Linggan Island has developed a SaaS-level solution for enterprises, enabling bulk content generation and management across various marketing scenarios, thus enhancing marketing efficiency [10] Group 3: Cross-Border Marketing Expansion - The cross-border influencer marketing market is experiencing explosive growth, with the company accelerating its global strategy [11] - In 2024, the company launched the "Xingyi" incubator brand in Tokyo, focusing on nurturing Chinese content creators in Japan and facilitating localized marketing for Chinese brands [11] - The cross-border influencer marketing market is projected to exceed 100 billion yuan by 2025, with a compound annual growth rate of 35% [11] Group 4: Industry Evolution - The marketing industry is entering a new development cycle, shifting from scale expansion to a focus on efficiency and value [12] - The company's AI-driven full-chain approach and cross-border marketing model are expected to be key drivers for the transformation and upgrading of the influencer marketing industry [12] - The future trajectory of the company may redefine the value creation logic in the digital marketing era [12]

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]