Core Viewpoint - The company Tianxiaxiu Digital Technology (Group) Co., Ltd. is planning a secondary listing on the Hong Kong Stock Exchange, capitalizing on the booming short video and live-streaming e-commerce markets [1][28]. Group 1: Company Overview - Tianxiaxiu is known as the "first stock of internet celebrities" in A-shares and has a market capitalization exceeding 13.6 billion RMB as of January 16, 2026 [2]. - The company acts as a "super connector" in the global influencer marketing industry, bridging advertisers with influencers, MCN agencies, and third-party UGC platforms [1][9]. Group 2: Revenue Sources - Over 90% of the company's revenue comes from its influencer marketing solutions platform, with a high supplier concentration [3][9]. - The influencer marketing industry involves advertisers paying influencers to create and distribute content across third-party platforms to achieve marketing goals [4][5]. Group 3: Market Dynamics - The global influencer economy is projected to reach approximately 3.12 trillion RMB in 2024, with China's market expected to grow from 1.38 trillion RMB in 2024 to 2.11 trillion RMB by 2029, reflecting a compound annual growth rate (CAGR) of 8.8% [15]. - The influencer marketing industry in China is expected to reach 1,003 billion RMB in 2024, with a CAGR of 4.9% from 2024 to 2029, indicating a slowdown in growth [18]. Group 4: Financial Performance - The company's revenue for 2023, 2024, and the first nine months of 2025 is approximately 42.02 billion RMB, 40.66 billion RMB, and 27.34 billion RMB, respectively, with corresponding net profits of 809.64 million RMB, 433.53 million RMB, and 325.73 million RMB [22]. - The company has faced a decline in revenue due to a strategic focus on larger, more stable advertising clients, resulting in reduced transactions with smaller clients [22][24]. Group 5: Competitive Landscape - The industry is becoming increasingly concentrated, with the top five global players holding 40.4% of the market share, while in China, the top five companies account for 50.6% [27]. - Tianxiaxiu holds a leading market share of 16.5% in the global influencer marketing solutions platform industry as of 2024 [27]. Group 6: Future Prospects - The company plans to use the funds raised from the IPO for global expansion, enhancing its influencer economy ecosystem, and seeking strategic investments and acquisitions [31]. - Despite its established position, the company faces challenges from industry growth slowdown, customer structure adjustments, and high supplier concentration, which may impact operational stability [31].

Core Viewpoint - Tianxiaxiu, a leading player in China's influencer marketing industry, has submitted an IPO application to the Hong Kong Stock Exchange, aiming to raise funds for global expansion and innovation in the influencer economy, despite recent declines in revenue and profit [1][2][3]. Group 1: Company Overview - Tianxiaxiu is recognized as the first mature influencer marketing solutions platform in China, with a market share of 26.1% in the domestic market and 16.5% globally [2]. - The company operates primarily through its proprietary platform WEIQ, which connects advertisers with influencers and content creators [2]. - As of Q3 2025, the company has approximately 222,600 advertising clients and 3.5862 million registered influencers [2]. Group 2: Financial Performance - The company reported revenues of 4.202 billion yuan, 4.066 billion yuan, and 2.734 billion yuan for the years 2023, 2024, and the first three quarters of 2025, respectively, indicating a decline in revenue of 3.23% and 10.21% year-on-year [4]. - Profit figures for the same periods were 80.964 million yuan, 43.353 million yuan, and 32.573 million yuan, showing a significant drop of 46.45% in 2024 and nearly halving in 2025 [4]. - Cash flow from operating activities was negative for both the first three quarters of 2024 and 2025, at -76.256 million yuan and -36.499 million yuan, respectively [4]. Group 3: Market Dynamics - The influencer economy in China is projected to grow from 862 billion yuan in 2020 to 1.38 trillion yuan by 2024, with a compound annual growth rate (CAGR) of 12.5% [2]. - Despite the overall market growth, Tianxiaxiu's performance has not aligned with the industry's expansion [3]. Group 4: Dependency and Risks - The company heavily relies on third-party UGC platforms, with procurement from the top five suppliers accounting for 76% to 88.6% of total purchases during the reporting period [6]. - As of Q3 2025, trade receivables and notes reached 1.968 billion yuan, representing nearly 44% of total current assets, with impairment losses significantly increasing [4][6]. Group 5: Research and Development - Despite claims of transitioning to an AI-driven technology group, R&D expenditures have decreased from 106 million yuan in 2023 to 45.158 million yuan in the first three quarters of 2025, with the R&D expense ratio dropping from 2.5% to 1.7% [7]. Group 6: Shareholder Structure - Sina Corporation is a significant stakeholder in Tianxiaxiu, holding approximately 38.89% of the total issued shares, and also acts as a major client and supplier [8][9].

Core Viewpoint - Tianxiaxiu, a leading player in China's influencer marketing industry, has submitted an IPO application to the Hong Kong Stock Exchange, aiming to raise funds for global expansion and innovation in the influencer economy ecosystem. However, the company's recent financial performance shows a decline in both revenue and profit, raising concerns about its growth prospects in a rapidly expanding market [1][5]. Financial Performance - In the reporting period, Tianxiaxiu's revenue and profit have shown a downward trend, with 2024 revenue declining by 3.23% and profit dropping by 46.45% year-on-year. For the first three quarters of 2025, revenue and profit further decreased by 10.21% and 46.2%, respectively, indicating a significant decline in profitability [5][7]. - The company's revenue for 2023, 2024, and the first three quarters of 2025 were RMB 4.202 billion, RMB 4.066 billion, and RMB 2.734 billion, while profits were RMB 80.964 million, RMB 43.353 million, and RMB 32.573 million, respectively [6][11]. Market Position - According to Frost & Sullivan, Tianxiaxiu holds a 26.1% market share in China's influencer marketing solutions sector and a 16.5% share globally, making it the leading company in both markets [2]. - The company's primary business segments include influencer marketing solutions and innovative businesses within the influencer economy, with the former accounting for 97.6% of revenue in 2023 [2][3]. Cash Flow and Financial Health - Tianxiaxiu reported negative net cash flows from operating activities for both the first three quarters of 2024 and 2025, amounting to RMB -76.256 million and RMB -36.499 million, respectively, indicating cash consumption rather than generation [7][8]. - As of the end of the third quarter of 2025, the company's trade receivables and notes reached RMB 1.968 billion, representing nearly 44% of total current assets, with a significant increase in impairment losses [9]. R&D and Strategic Direction - Despite claims of transitioning to an AI-driven technology group, the company's R&D expenditures have decreased, from RMB 1.06 billion in 2023 to RMB 451.58 million in the first three quarters of 2025, leading to a drop in R&D spending as a percentage of total revenue from 2.5% to 1.7% [10][16]. - The company has indicated a focus on cost reduction and efficiency improvements, which may impact its innovation capabilities [16]. Client and Supplier Relationships - Tianxiaxiu's client base includes approximately 222,644 advertisers and 358,620 registered influencers as of the end of the third quarter of 2025 [3][4]. - The company has a high dependency on major clients and suppliers, with significant revenue and procurement coming from a limited number of sources, raising concerns about business sustainability [9][14].

据港交所1月5日披露，天下秀（600556）数字科技(集团)股份有限公司(简称：天下秀)(600556.SH)向港交所主板递交上市申请，Deutsche bank、 国泰海通为联席保荐人。 公司简介 招股书显示，天下秀是中国首家营运成熟红人营销解决方案平台的企业。身为以AI、数据及算法能力为驱动的红人营销科技集团，公司致力于通 过搭建广告主客户与红人、MCN及主要第三方UGC平台之间的桥梁，成为全球红人营销行业的"超级连接器"，实现跨多个数字渠道的高效协作、 营销内容传播及商业变现。 自2009年成立以来，天下秀在发展及完善红人经济生态链方面一直发挥领导作用。根据弗若斯特沙利文的资料，按2024年收入计，天下秀以 26.1%的市场份额位列中国红人营销解决方案平台行业首位，并已连续五年维持行业最大市场份额。按2024年收入计，公司亦以16.5%的市场份额 位列全球红人营销解决方案平台行业首位，大幅领先其他竞争对手。 天下秀在两个业务分部下营运，即红人营销解决方案平台业务及红人经济生态链创新业务。公司的红人营销解决方案平台业务是主要收入来源， 通过公司主要的专有平台WEIQ，为广告主客户提供红人营销解决方案，将广 ...

Company Overview - Tianxiao Digital Technology (Group) Co., Ltd. is the first mature influencer marketing solution platform in China, leveraging AI, data, and algorithms to connect advertisers with influencers, MCNs, and major third-party UGC platforms [3] - The company holds a 26.1% market share in China's influencer marketing solutions sector, maintaining the largest market share for five consecutive years, and a 16.5% share globally [3] - Tianxiao operates under two business segments: influencer marketing solutions and innovation in the influencer economy ecosystem, with the former being the primary revenue source [3] Financial Performance - For the fiscal years ending December 31, 2023, 2024, and the nine months ending September 30, 2025, the company reported revenues of approximately RMB 42.02 billion, RMB 40.66 billion, and RMB 27.34 billion respectively [5] - The net profit for the same periods was RMB 80.96 million, RMB 43.35 million, and RMB 32.57 million respectively [8] - The gross profit margin for 2023, 2024, and the nine months ending September 30, 2025, was recorded at 17.3%, 16.6%, and 17.2% respectively [9] Industry Overview - The influencer economy is an emerging economic model centered around influencers, utilizing social media, short video platforms, and live streaming to create a comprehensive ecosystem for content creation, audience interaction, and commercial monetization [11] - The global influencer economy is projected to grow from RMB 20,661 billion in 2020 to RMB 31,164 billion by 2024, with a compound annual growth rate (CAGR) of 10.8% [11] - In China, the influencer economy is expected to expand from RMB 8,620 billion in 2020 to RMB 13,804 billion by 2024, with a CAGR of 12.5% [14]

智通财经APP获悉，据港交所1月5日披露，天下秀数字科技(集团)股份有限公司(简称：天下秀)(600556.SH)向港交所主板递交上市申请，Deutsche bank、国泰海通为联席保荐人。 公司简介 招股书显示，天下秀是中国首家营运成熟红人营销解决方案平台的企业。身为以AI、数据及算法能力为驱动的红人营销科技集团，公司致力于通 过搭建广告主客户与红人、MCN及主要第三方UGC平台之间的桥梁，成为全球红人营销行业的"超级连接器"，实现跨多个数字渠道的高效协作、 营销内容传播及商业变现。 自2009年成立以来，天下秀在发展及完善红人经济生态链方面一直发挥领导作用。根据弗若斯特沙利文的资料，按2024年收入计，天下秀以 26.1%的市场份额位列中国红人营销解决方案平台行业首位，并已连续五年维持行业最大市场份额。按2024年收入计，公司亦以16.5%的市场份额 位列全球红人营销解决方案平台行业首位，大幅领先其他竞争对手。 天下秀在两个业务分部下营运，即红人营销解决方案平台业务及红人经济生态链创新业务。公司的红人营销解决方案平台业务是主要收入来源， 通过公司主要的专有平台WEIQ，为广告主客户提供红人营销解决方案，将 ...

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Inmyshow Digital Technology (Group) Co., Ltd. 天下秀數字科技(集團)股份有限公司 (the "Company") (A joint stock company incorporated ...

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引 致的任何損失承擔任何責任。 INMYSHOW DIGITAL TECHNOLOGY (GROUP) CO., LTD. 天下秀數字科技（集團）股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）╱證券及期貨事務監察委員會（「證監會」）的要求而 刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣 下知悉、接納並向本公司、本公司的保薦人、整體協調人、顧問或包銷團成員表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，準投資者務請僅依據與香港公司註冊處處長註冊的本公司 招股章程作出投資決定；招股章程的文本將於發售期內向公眾提供。 警 告 (a) 本文件僅為向香港投資者提供有關本公司的資料，概無任何其他目的；投資者不應根據本文件中的 資料作出任何投資決定； (b ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][16] Core Views - The company is expected to recover its performance driven by AI, overseas expansion, and innovative business models despite short-term fluctuations in earnings [5] - The company reported a revenue of 1.84 billion yuan in H1 2025, a year-on-year decrease of 8%, and a net profit of 36 million yuan, down 19.3% year-on-year, primarily due to market conditions and reduced business scale [5] - The gross margin improved to 19.1%, an increase of 1.5 percentage points year-on-year, attributed to enhanced management of the supply chain and strengthened synergy [5] Financial Summary - Revenue projections for 2025-2027 are adjusted to 3.80 billion, 4.04 billion, and 4.25 billion yuan respectively, down from previous estimates of 4.59 billion and 4.79 billion yuan [5] - Net profit forecasts for the same period are revised to 80 million, 100 million, and 120 million yuan, down from 120 million and 160 million yuan [5] - The current stock price corresponds to price-to-sales ratios of 2.6, 2.4, and 2.3 for 2025-2027 [5] Business Development - As of H1 2025, the company's influencer marketing platform WEIQ has registered 219,000 merchant clients, an increase of 11,000 from the end of 2024, and 3.545 million influencer accounts, with professional influencers and MCN institutions growing by 29% and 11% respectively [6] - The company is extending its business model by integrating industry experience, technology, and resources to enhance the influencer economy ecosystem, exploring value opportunities for influencers [6] - The introduction of an AI version of WEIQ in H1 2025 enables intelligent selection and precise matching of influencer resources, reducing marketing costs and providing a refined management ecosystem [7] Market Expansion - The company is establishing overseas offices in locations such as Hong Kong and Tokyo, forming a "one-stop" overseas marketing team to cover comprehensive brand strategies for international clients [7] - The combination of AI capabilities and overseas business is expected to create synergistic effects that will support the company's future growth [7]

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]