以下文章来源于证券之星 ，作者刘浩浩 证券之星 . 证券之星始创于1996年，是国内领先的金融信息及综合服务平台。关注证券之星，即时获取有价值的财经资讯。 A股公司的赴港上市热潮仍在延续。近日，国内"红人经济第一股"天下秀公告披露，出于深入推进全球化战略布局等考虑，公司正在谋划赴港上市事宜。 证券之星注意到，受国内广告行业增速放缓和竞争加剧等因素影响，2019年借壳上市的天下秀近几年业绩持续下滑，公司毛利率也逐年递减。虽然天下秀 多年来一直积极探索创新业务发展，试图打造"第二增长曲线"，但收效甚微。今年上半年，受销售费用大幅攀升拖累，主业"疲软"的天下秀再度营利双 降。 在此背景下，天下秀试图借助海外业务来找寻出路，但这并非易事。在今年半年报中，天下秀坦陈，公司创新业务和海外业务仍处于探索阶段，盈利方式 与业务模式仍具有较大不确定性。 01 核心红人营销平台业务持续承压 公开资料显示，天下秀成立于2009年。2019年底，其通过借壳"ST慧球"上市，成为A股首家新媒体上市公司。2020年4月，公司更名为"天下秀"。 作为一家红人新经济领域的平台型企业，天下秀借助自主研发建立的WEIQ平台，可将企业营销需求与红 ...

Core Viewpoint - The company has disclosed its 2025 semi-annual report, highlighting its financial performance, asset impairment provisions, and fundraising activities, while ensuring compliance with relevant regulations and maintaining transparency for investors [1][3][39]. Group 1: Company Overview - The company is known as Tianxiaxiu Digital Technology (Group) Co., Ltd., with the stock code 600556 [2]. - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period [2]. Group 2: Financial Data - The company raised a total of approximately RMB 2.12 billion through a non-public offering of shares, with a net amount of approximately RMB 2.07 billion after deducting fees [47]. - As of June 30, 2025, the company has used RMB 892.25 million of the raised funds, with a remaining balance of RMB 1.24 billion [57]. Group 3: Asset Impairment - The company has recognized an asset impairment provision totaling RMB 8.48 million, which has reduced the net profit attributable to the parent company by RMB 6.40 million for the first half of 2025 [34][36]. Group 4: Fundraising and Usage - The company plans to use its own funds to pay for part of the fundraising project costs and will later replace these with the raised funds, ensuring that the project proceeds smoothly without altering the intended use of the funds [13][50]. - The company has established a three-party supervision agreement for the management of raised funds, ensuring compliance with regulations [60]. Group 5: Investor Relations - The company will hold a semi-annual performance briefing on September 9, 2025, to provide investors with insights into its operations and financial status [39][45]. - The company has consistently implemented a cash dividend policy, distributing a total of RMB 153.32 million in cash dividends since its restructuring in 2019, with a recent distribution of RMB 15.55 million for the 2024 fiscal year [69].

Core Viewpoint - The company is committed to enhancing operational quality and investor returns through a series of strategic initiatives outlined in the 2025 "Quality Improvement, Efficiency Enhancement, and Return to Shareholders" action plan [1][2]. Group 1: Business Focus and Quality Improvement - The company is focusing on its core business by enhancing the connection between merchants and influencers, strengthening its data platform, and exploring the creator economy [1]. - Continuous efforts are made to improve gross margin by actively managing the upstream and downstream of the industry chain and deepening cooperation with quality brand clients [2]. - The company has upgraded its WEIQ platform to incorporate AI technology, enabling intelligent matching and resource integration, which enhances operational efficiency [2]. Group 2: Global Expansion - The company is expanding its overseas operations by establishing international offices in locations such as Hong Kong, Tokyo, Singapore, and Kuala Lumpur, providing comprehensive marketing support for various industries [3]. - It has successfully implemented overseas marketing strategies for major clients in sectors like 3C, internet, e-commerce, and fast-moving consumer goods across popular social media platforms [3]. Group 3: Investor Returns - The company emphasizes reasonable returns to investors, adhering to profit distribution policies and maintaining a sustainable dividend strategy, with a cash dividend of 15.5466 million yuan planned for 2024, representing 30.19% of the net profit [2][3]. Group 4: Information Disclosure and Communication - The company prioritizes transparent information disclosure, ensuring compliance with regulatory requirements and enhancing the readability and effectiveness of disclosed information [4][5]. - Various channels are utilized for communication with investors, including investor hotlines and interactive platforms, to maintain close engagement with both retail and institutional investors [4]. Group 5: Corporate Governance - The company is committed to optimizing its governance structure and adhering to relevant laws and regulations, enhancing management efficiency through a dual-driven mechanism [5][6]. - It emphasizes the responsibilities of key personnel and implements multi-level supervision to strengthen compliance and risk management [5][6].