Core Viewpoint - Tianxiaxiu Digital Technology (Group) Co., Ltd. is seeking a second chance in the Hong Kong stock market after experiencing a decline in performance, cash flow issues, and heavy reliance on platforms [1][3]. Financial Performance - Revenue peaked at 4.512 billion yuan in 2021 but has declined to 4.066 billion yuan by 2024, with a 10.2% drop in the first three quarters of 2025, amounting to 2.734 billion yuan [3]. - Net profit fell from 80.96 million yuan in 2023 to 43.35 million yuan in 2024, a decrease of 46%, and further dropped to 32.57 million yuan in the first three quarters of 2025, down 46.2% year-on-year [3]. - Operating cash flow has been negative for several consecutive quarters, with accounts receivable reaching 1.968 billion yuan, accounting for nearly 44% of current assets [3]. Business Model and Dependency - The WEIQ influencer marketing platform, which contributes over 97% of the company's revenue, faces structural challenges due to its heavy reliance on major content platforms like Weibo, Douyin, and Kuaishou [4]. - The partnership with Weibo, where revenue is split 50/50, creates a dependency that could lead to significant revenue fluctuations if platform policies change [4]. Strategic Initiatives - To overcome challenges, the company is investing in AI and international expansion, launching the AIGC product "Linggan Island" for smart influencer matching and content generation [4]. - Overseas revenue was only 18 million yuan in 2024, and AI products are primarily offered for free, lacking effective monetization strategies [4]. Industry Challenges - The influencer economy is experiencing a downturn, with rising vacancy rates in live-streaming bases, halved hourly wages for streamers, and numerous influencer shops closing [5]. - Advertiser budgets are shrinking, and the cost of traffic is increasing, leading to a compression of profit margins for the company [5]. Market Outlook - The Hong Kong listing is seen as a potential lifeline for financing and a chance to present a new narrative to international investors [5]. - However, the current market is less favorable than six years ago, with investors prioritizing sustainable profitability and clear business models [5]. - The company's ability to evolve from a "connector" to a "value creator" will be crucial for its future success in the influencer economy [5].

关注我，让学习成为一种信仰 ！ 硬科技风起云涌，互联网也不甘寂寞。 2026年，A股"网红第一股"正赴港IPO。投资家网获悉，近日互联网行业传来劲爆大消息，"帮助网红达人赚钱"、连接MCN机构、推动内容创作生态持续 商业化的网红营销头部平台、市值128亿元天下秀已向港交所递交上市申请。若顺利，港股会迎来"网红第一股"。 2009年成立的天下秀在内容创作圈声名显赫。天下秀创始人李檬是清华学霸，他常被描述成，"网红生态的构建者"、内容营销赛道的连续创业者。 他曾开拓互联网广告领域，打造了MUZ国际。后来他加盟博客网，设计了中国第一代博客广告系统。看到"中国互联网粉丝蕴藏的巨大财富能量"李檬决 定再创业，为网红、内容创作者提供丰富的商业化选择。 2010年起，天下秀被VC/PE、产业资本追捧。当中至关重要的融资来自新浪与微博。微博亦是天下秀最大外部机构股东。2020年，天下秀借壳更名，是A 股首家专注于"网红经济概念"的公司、"网红第一股"。 上市的天下秀发展迅猛，连续5年登顶"网红营销之王"。如今，完善"A+H"布局的天下秀想释放更大野心，"AI赋能，陪伴全球网红发家致富。" 小编|璞羽 隶属|我爱学习俱乐部编辑 ...

来源：新浪港股-好仓工作室 红人营销龙头的业务与商业模式 天下秀作为中国红人营销行业的先行者，自2009年成立以来专注于连接广告主、红人与第三方UGC平 台的中介服务。根据弗若斯特沙利文数据，公司以26.1%的市场份额位居2024年中国红人营销解决方案 平台行业首位，并连续五年保持行业最大市场份额，全球市场份额亦达16.5%。 公司业务体系分为两大板块：核心业务红人营销解决方案平台（通过WEIQ平台运作），以及战略业务 红人经济生态链创新业务。WEIQ平台提供从红人筛选匹配、营销活动策略制定到成效追踪的全流程服 务，覆盖短视频、生活方式分享、微型博文等多平台营销活动。生态链创新业务则包括AIGC驱动的营 销解决方案、红人加速及赋能（IMSOCIAL）、红人价值评估平台（TOPKLOUT）及红人驱动型消费 品牌孵化等。 截至2025年9月30日，WEIQ平台累计服务222,644名广告主客户，覆盖47个垂直行业的约358.6万个红人 账号，合作MCN达20,155家，其中中长尾部红人占比超过85%，形成"去中心化"红人资源体系。公司AI 驱动工具BOSS红人智投及灵感岛已实现红人推荐、内容创作、营销活动优化的智 ...

Group 1 - The core viewpoint of the articles highlights that Tianxiexiu (600556) has reported a total revenue of 2.734 billion yuan and a net profit of 35.66 million yuan for the first three quarters of 2025, with R&D expenses amounting to 45.16 million yuan [1] - The company is implementing an "AI + Going Global" strategy, which has led to steady improvements in operational quality, with its AIGC platform, Linggan Island, evolving from a tool to an ecosystem, accelerating commercialization [1] - Linggan Island has established a complete marketing closed loop, offering various SaaS solutions that cater to a wide range of industries, thereby enhancing both enterprise efficiency and creator productivity [1] Group 2 - Tianxiexiu is building competitive barriers through a dual approach of "AI business going global + marketing service implementation," having set up regional offices in Hong Kong, Tokyo, Singapore, and Kuala Lumpur [2] - The company has formed a "one-stop" overseas marketing team that provides comprehensive services from brand strategy to influencer marketing and social media promotion [2]

Core Insights - The company reported a total revenue of 2.734 billion yuan and a net profit attributable to shareholders of 36 million yuan for the first three quarters of 2025 [1] Group 1: WEIQ Platform Development - The WEIQ platform has successfully integrated with various APIs, including Xiaohongshu and Douyin, creating a comprehensive ecosystem that enhances marketing efficiency [3] - The launch of WEIQ BOSS marks a shift from experience-driven to data-driven influencer marketing, utilizing AI to generate advertising plans in seconds [3] - The upgraded WEIQ platform offers three core capabilities: automated campaign generation, intelligent account targeting, and transparent monitoring throughout the advertising process [3] Group 2: AIGC Platform "Linggan Island" - The AIGC platform "Linggan Island" has transitioned from a single tool to a comprehensive marketing ecosystem, providing SaaS solutions across various industries [5] - The platform has expanded its influence through partnerships and participation in international events, enhancing its brand presence [5] - The company aims to establish a global marketing team with offices in Tokyo, Singapore, and Kuala Lumpur, offering full-service solutions across major social media platforms [5] Group 3: Future Strategy - The company has outlined a strategic focus on deepening its presence in influencer marketing and enhancing AI capabilities for overseas expansion [6] - Plans include leveraging the WEIQ platform and expanding the MCN matrix to strengthen ecosystem advantages [6] - The company is also working on the Tokyo AI Innovation Incubator and aims to integrate multilingual platforms and social media resources for cross-border services [6]

Core Insights - The company reported a revenue of 2.734 billion yuan and a net profit attributable to shareholders of 36 million yuan for the first three quarters of the year [1] - The WEIQ influencer marketing platform has strengthened its "super connector" advantage, achieving significant operational improvements through collaborations with major platforms [1] Group 1: Financial Performance - For the first three quarters, the company achieved a revenue of 2.734 billion yuan and a net profit of 36 million yuan [1] Group 2: Business Development - The WEIQ platform successfully integrated with Xiaohongshu's Pugongying API and deepened collaborations with Douyin's Juyuan Xingtu and Bilibili's Huohuo, creating a cross-platform resource-data-tool synergy [1] - The launch of the WEIQ BOSS influencer intelligent investment feature marks a strategic upgrade from "helping merchants find influencers" to "AI precision influencer targeting" [1] - The platform has served over 200,000 small and medium-sized enterprises and 3.5 million influencers, significantly lowering marketing barriers for SMEs through standardized tools [1] Group 3: Strategic Focus - The company is focusing on the "AI + Going Global" core strategy, with significant progress in innovative business and global layout [2] - The AIGC platform, Linggan Island, has evolved from a tool to an intelligent marketing ecosystem, offering various SaaS solutions that serve a wide range of industries [2]

Core Insights - The company reported a total revenue of 2.734 billion yuan and a net profit of 35.66 million yuan for the first three quarters of 2025, showcasing resilience in its core business and steady improvement in operational quality [1] Group 1: Business Performance - The WEIQ influencer marketing platform has solidified its position as a "super connector" by integrating with various platforms such as Xiaohongshu, Douyin, and Bilibili, enhancing its cross-platform resource, data, and tool collaboration system [1] - The company has received multiple accolades, including four honors from the Douyin Giant Engine Star Map business and recognition as a top partner from Kuaishou and Xiaohongshu, further establishing its core position in the mainstream content platform ecosystem [1] Group 2: Strategic Developments - On September 26, the WEIQ platform launched the WEIQ BOSS influencer intelligent investment feature, transitioning from "helping businesses find influencers" to "AI-precise influencer targeting," significantly lowering marketing barriers for small and medium-sized enterprises [2] - The company is focusing on an "AI + overseas expansion" strategy, with its AIGC platform, Linggan Island, evolving into an intelligent marketing ecosystem, offering various SaaS solutions across multiple industries [2] Group 3: Future Outlook - The company plans to continue focusing on deepening its engagement in the influencer economy and the AI + overseas expansion strategy, leveraging technological innovation to strengthen its competitive edge and drive long-term growth [3]

Core Insights - Tianxiaxiu reported a revenue of 2.734 billion yuan and a net profit of 35.656 million yuan for the first three quarters of 2025, demonstrating operational resilience and healthy cash flow [1] - The launch of "WEIQBOSS Influencer Smart Investment" in September marks a shift in influencer marketing from experience-driven to data-driven, utilizing AI capabilities to enhance marketing efficiency [1][2] Financial Performance - Revenue for the first three quarters reached 2.734 billion yuan [1] - Net profit attributable to shareholders was 35.656 million yuan [1] Technological Advancements - The company has developed a fully automated order processing system covering multiple scenarios such as short videos and live streaming, significantly reducing operational costs and improving efficiency [1] - The upgraded WEIQ platform integrates over a decade of marketing data with AI, providing standardized and replicable marketing services [1] Product Development - The AIGC platform "Inspiration Island" has evolved into a comprehensive marketing ecosystem, offering SaaS-level solutions across various industries including automotive and e-commerce [2] - The platform now includes features for creative inspiration, content generation, distribution, and performance tracking [2] Strategic Focus - The company aims to deepen its engagement in the influencer economy and focus on AI and overseas expansion [2] - Plans include enhancing the WEIQ platform through technological upgrades and expanding the MCN matrix [2] - The establishment of the Tokyo AI Innovation Incubation Center is part of the strategy to integrate technology with overseas scenarios [2]

Core Insights - The company, Tianxiexiu Digital Technology (Group) Co., Ltd., reported a total revenue of 2.734 billion yuan and a net profit attributable to shareholders of 36 million yuan for the first three quarters of 2025, demonstrating operational resilience amid macroeconomic pressures [1][2][3] Group 1: Financial Performance - For the first three quarters of 2025, the company achieved total revenue of 2.734 billion yuan and a net profit of 36 million yuan [1] - The company maintains healthy cash flow, indicating strong financial management [1] Group 2: Technological Advancements - The WEIQ platform successfully integrated with various APIs, including Xiaohongshu and Douyin, creating a comprehensive "resource-data-tool" ecosystem [1] - The launch of WEIQ BOSS influencer intelligent investment marks a shift from experience-driven to data-driven influencer marketing, utilizing AI to generate advertising strategies in seconds [1][2] Group 3: Business Strategy and Global Expansion - The AIGC platform "Linggan Island" has evolved into a marketing ecosystem, offering SaaS solutions across multiple scenarios, serving over a hundred enterprise clients in various industries [2] - The company plans to establish offices in cities like Hong Kong, Tokyo, Singapore, and Kuala Lumpur, aiming to provide comprehensive marketing services across major platforms [2] - The strategic focus is on deepening engagement in the influencer economy and enhancing AI capabilities for overseas markets [2][3] Group 4: Long-term Vision - The company adopts a long-term approach to navigate market uncertainties, emphasizing technological innovation and global expansion to build sustainable competitive advantages in the influencer economy [3]

Core Viewpoint - The article discusses the ongoing trend of Chinese companies, particularly Tianxiaxiu, pursuing listings in Hong Kong amid challenges in the domestic advertising market and declining performance in their core business [2][11]. Group 1: Business Performance - Tianxiaxiu, established in 2009 and listed in 2019, has seen a decline in performance since 2022, with revenues of 41.29 billion, 42.02 billion, and 40.66 billion from 2022 to 2024, respectively [3][4]. - The company's net profit after deducting non-recurring items has also decreased significantly, from 1.037 billion in 2022 to 377.6 million in 2024 [3][4]. - The primary revenue source, the influencer marketing platform, has faced pressure, with revenue growth rates of -7.79%, 3.67%, and -3.29% from 2022 to 2024 [5][6]. Group 2: Market Environment - The Chinese advertising market experienced a 9.4% decline in 2022, with expected growth rates of 7.6% and 6.1% for 2023 and 2024, respectively, indicating a slowing trend [4][5]. - Tianxiaxiu attributes its revenue decline to the overall market environment and increased competition, particularly affecting its influencer marketing platform [4][5]. Group 3: Financial Challenges - The company's operating costs have risen significantly, with total expenses increasing from 2.14 billion in 2020 to 4.71 billion in 2024, leading to a net profit margin drop from 9.59% to 1.07% during the same period [5][6]. - In the first half of the year, Tianxiaxiu reported a revenue of 18.44 billion, down 8.01% year-on-year, and a net profit of 36.38 million, down 19.28% [6][7]. - The company has faced challenges with accounts receivable, amounting to 23.98 billion, which is 130% of its revenue for the same period [9][10]. Group 4: Strategic Initiatives - In response to declining performance, Tianxiaxiu has initiated plans for a Hong Kong listing to enhance its global strategy and brand image [11][12]. - The company has also been exploring innovative business lines and overseas markets, launching an overseas influencer marketing SaaS platform, ADream, and establishing international offices in various countries [13][14]. - However, the overseas revenue remains low, with only 1.79 million in 2024, accounting for just 0.44% of total revenue, indicating significant challenges in achieving profitability in new ventures [14].