Yangtze River Business Daily News ● Yangtze River Business Daily reporter Xu Jia
Celebrity New Economy Listed Company Tianxiaxiu (600556. SH) profitability continued to decline.
On the evening of April 22, Tianxiaxiu released its annual report. In 2023, the company achieved operating income of 4.202 billion yuan, a year-on-year increase of 1.77%, net profit attributable to shareholders of listed companies (net profit, the same below) of 92.779 million yuan, a year-on-year decrease of 48.43%, and net profit after deducting non-recurring gains and losses (net profit after deducting non-net profit, the same below) of 73.6724 million yuan, a year-on-year decrease of 28.96%.
In this regard, Tianxiaxiu said that due to many factors such as market and economic environment fluctuations, the company's gross profit margin declined slightly. In 2023, the gross profit margin of the company's main business will be 18.02%, a year-on-year decrease of 3.73 percentage points, which is also the fourth consecutive year that the gross profit margin of the company's main business has declined, and it is the lowest level since the backdoor listing.
As a platform-based enterprise based on the new economy field of influencers, Tianxiaxiu was listed on the backdoor ST Huiqiu in December 2019. A reporter from Changjiang Business Daily noticed that after completing the three-year performance commitment from 2019 to 2021, the profitability of Tianxiaxiu began to decline in 2022. If calculated based on the performance of 2021, in the past two years, the overall net profit and non-net profit of Tianxiaxiu have decreased by 73.8% and 82.5% respectively.
It is worth noting that in the second year of the backdoor listing, Tianxiaxiu raised 2.12 billion yuan through private placement. As of the end of 2023, the investment progress of Tianxiaxiu's two major private placement investment projects is only 22.27% and 6.78% respectively, of which a total of only 3.4122 million yuan will be invested in 2023, and the date for these two major projects to reach the scheduled usable state is the end of 2024, and the remaining 1.207 billion yuan of raised funds have not been invested.
After the completion of the performance commitment, the net profit fell for two consecutive years
According to the data, the predecessor of Tianxiaxiu is Huiqiu Technology (ST Huiqiu). In 2019, the listed company carried out a major asset restructuring, and the listed company acquired 100% of the equity of Tianxiaxiu through absorption and merger.
After the completion of the reorganization, the assets of smart city and property management of the listed company were placed, and the assets of new media marketing were placed, and the main business changed from smart city and property management business to new media marketing business driven by big data technology. In April 2020, the listed company changed its name to "Tianxiaxiu".
The Yangtze River Business Daily reporter noticed that before the implementation of the restructuring, the listed company had deducted non-net profit losses or only made millions of profits for many years. In 2019, the first year after the completion of the restructuring, Tianxiaxiu's main business was improved, and the company achieved operating income of 1.977 billion yuan, a year-on-year increase of 63.47%, and net profit and non-net profit of 253 million yuan and 253 million yuan respectively, a year-on-year increase of 63.79% and 1078.22%.
In 2020 and 2021, Tianxiaxiu achieved operating income of 3.06 billion yuan and 4.512 billion yuan respectively, a year-on-year increase of 54.78% and 47.42%, a net profit of 295 million yuan and 354 million yuan, a year-on-year increase of 14.26% and 19.9%, and a non-net profit of 373 million yuan and 420 million yuan, a year-on-year increase of 47.8% and 12.66%.
It is worth noting that at the time of the reorganization, the original shareholders of Tianxiaxiu made a performance commitment, that is, after the implementation of the above-mentioned major asset restructuring, the net profit (net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses) realized by Tianxiaxiu from 2019 to 2021 was not less than 245 million yuan, 335 million yuan and 435 million yuan respectively, with a total of not less than 1.015 billion yuan.
From the perspective of completion, during the above-mentioned time period, the total net profit deducted from the non-attributable parent of the assets obtained by Tianxiaxiu due to major asset restructuring was 1.048 billion yuan, and the completion rate of performance commitment was 103.22%, successfully completing the three-year performance commitment.
However, in 2022, Tianxiaxiu's performance will begin to decline. In the current period, the company achieved operating income of 4.129 billion yuan, a year-on-year decrease of 8.48%, and net profit and non-net profit were 180 million yuan and 104 million yuan respectively, a year-on-year decrease of 49.22% and 75.34%.
On the evening of April 22, the annual report disclosed by Tianxiaxiu showed that in 2023, the company will achieve operating income of 4.202 billion yuan, a year-on-year increase of 1.77%, a net profit of 92.779 million yuan, a year-on-year decrease of 48.43%, and a non-net profit of 73.6724 million yuan, a year-on-year decrease of 28.96%.
If calculated based on the performance of 2021, in the past two years, the overall net profit and non-net profit of Tianxiaxiu have decreased by 73.8% and 82.5% respectively.
The progress of core private placement investment projects is slow
As one of the earliest enterprises to enter the new media marketing industry in China, Tianxiaxiu is based on the new economy field of influencers, and its core services are influencers (content creators), MCNs (influencer brokerage companies), brand merchants, small and medium-sized businesses, and its independent research and development and establishment of the WEIQ platform is the basis of the company's main business.
According to the annual report, by the end of 2023, the cumulative number of registered merchant customers on the WEIQ platform reached 199,800, an increase of 9,186 from the end of 2022.
Tianxiaxiu said that in 2023, the company will continue to expand in the field of celebrity marketing, strengthen in-depth cooperation with brand customers by virtue of its leading position in the industry, adjust the customer structure on this basis, and maintain the stability of business operations. Affected by many factors such as fluctuations in the market and economic environment, the company's gross profit margin declined slightly, but in recent years, the company has continued to deepen the application of technological innovation achievements, promoted the application of AI technology to data services, content services and other fields, and actively and orderly increased the expansion of domestic and overseas high-quality resource points, accelerated the global layout, and hoped to improve the gross profit margin level through technological innovation on the basis of economic recovery in the future.
A reporter from Changjiang Business Daily noted that in 2023, the gross profit margin of Tianxiaxiu's main business will be 18.02%, a year-on-year decrease of 3.73 percentage points, which is also the lowest level since the company's backdoor listing. Previously, from 2019 to 2022, the gross profit margin of its main business was 27.44%, 23.39%, 22.28%, and 21.75% respectively. In other words, the gross profit margin of Tianxiaxiu's main business has declined for four consecutive years.
Not only that, in the second year of the backdoor listing, Tianxiaxiu raised a total of 2.12 billion yuan through non-public issuance of shares, and the net amount of funds raised after deducting related expenses was 2.071 billion yuan, which was invested in the construction project of new media business big data platform, the upgrade project of WEIQ new media marketing cloud platform, and the replenishment of working capital.
However, as of the end of 2023, the above three fundraising projects of Tianxiaxiu have invested 197 million yuan, 37.6933 million yuan, and 630 million yuan respectively, and the investment progress is 22.27%, 6.78%, and 100%.
Among them, the new media business big data platform construction project and the WEIQ new media marketing cloud platform upgrade project will only invest 285,900 yuan and 3,126,300 yuan in 2023, respectively, with a total investment of only 3,412,200 yuan, and the date for these two major projects to reach the scheduled usable state is the end of 2024, and the remaining 1.207 billion yuan of raised funds have not been invested.
As of the end of 2023, Tianxiaxiu has used idle raised funds to temporarily replenish liquidity of 800 million yuan.
The progress of the refinancing project after listing is slow, and the feedback of Tianxiaxiu to shareholders is not high. In the annual report, Tianxiaxiu plans to distribute cash dividends of 0.155 yuan per 10 shares, with a total cash distribution of 28.0201 million yuan, accounting for 30.2% of the company's current net profit.
Previously, from 2019 to 2022, the cash dividends of Tianxiaxiu were 25.8785 million yuan, 29.6471 million yuan, 36.155 million yuan, and 18.0775 million yuan respectively, accounting for 10.01%, 10.03%, 10.21%, and 10.05% of the net profit in each period.