"The 'Century Marriage' of Chinese business: Tianjiu Enterprises and its 6.2 million anxious bosses behind it"

Among the many filings on the Hong Kong Stock Exchange, the prospectus of Tianjiu Shared Wisdom Enterprise Services Co., Ltd. (Tianjiu Enterprise Services) stands out as "unconventional". Not only because of its performance that surpasses traditional SaaS companies - a net profit of over 2.5 billion RMB in the first half of 2025, with an astonishing net profit margin of 346.1%; but also because it reveals a long-neglected yet vast and profound secret battlefield within the Chinese business landscape. While most investors' focus is still on the peak of traffic from internet giants, or the lengthy research and development cycles of hard technology, Tianjiu Enterprise Services is doing something uniquely Chinese: it is attempting to sew together the 'new' and 'old' in the increasingly segmented Chinese economy through a series of carefully designed "arranged marriages". This IPO of a corporate service company is not just about going public, but rather a deep sociological experiment on the misallocation and reorganization of Chinese business resources. 1. "Anxiety Resonance" in Two Parallel Universes To understand the commercial logic of Tianjiu Enterprise Services, one must first understand the two most painful groups in the current Chinese business environment. The first group consists of unicorns (innovative companies) that possess technology and models but lack the "capillaries". They are mostly born in Beijing, Shanghai, Guangzhou, and Shenzhen, with impressive financing backgrounds, pioneering AI algorithms, new consumption models or SaaS tools. However, when they try to expand nationally from "1 to 100", they hit an invisible wall. The Chinese market is too vast, and the channels, connections, local relationships, and traditional sales force of the lower-tier markets are not something that can be solved with a few lines of code. They have the gun but not the battlefield; they have the bullets but can't find the trigger. They face the "anxiety of growth". The second group consists of traditional bosses (traditional companies) who hold cash and channels but are caught in a "transition dilemma". In Tianjiu's prospectus, this group is portrayed as "6.2 million registered users". They might be coal magnates from Shanxi, factory owners from Jiangsu, or distributors from Henan. Over the past thirty years of reform and opening up, they have accumulated primitive capital, possess deep local connections, and have a mature sales network. However, under the tide of digitization and industrial upgrading, they are plunged into deep panic: their traditional businesses are increasingly difficult to operate, and they don't know where to invest their money. They fear being deceived by investment in stocks, being trapped in real estate, or conducting R&D without understanding technology. They face the "anxiety of survival". One side has "technology but no channels," while the other has "channels but no projects". These two groups exist as if in parallel universes, and due to differences in cognitive radius, geographical barriers, and trust costs, they find it difficult to naturally interact. Traditional VCs only give money to innovative companies and are not responsible for helping them sell their products; traditional consulting companies only produce PPTs for traditional companies and are not responsible for tangible results. The appearance of Tianjiu Enterprise Services essentially serves as a "super interpreter" and "trust guarantor" amid this huge supply-demand mismatch. It tells the unicorns, "I'll provide you with the channels of these 6.2 million bosses," and tells traditional bosses, "I'll provide you with carefully selected unicorn projects." This "resource sharing" is actually a release of the value of existing resources. 2. "Cash + Equity": A Wager on the Future The most eye-catching aspect of Tianjiu Enterprise Services' IPO prospectus is its unique "cash + equity" fee model. This is also the secret behind its half-year profit of over 25 billion RMB and a net profit margin soaring above 300%. Traditional enterprise service companies (such as SaaS software, FA institutions) earn "tolls" or "headhunting fees," which are one-time payments with a very low ceiling. But Tianjiu Enterprise Services is different. It is more like an "industrial investment bank" or "incubator 2.0". According to the prospectus, Tianjiu Enterprise Services screens innovative companies with high growth potential, charging not only service fees (cash) but more importantly, acquiring the equity (options) of these innovative companies. This logic is extremely clever: Threshold Screening: Only companies that have undergone Tianjiu's due diligence and are deemed to have explosive potential can enter this system. This ensures the quality of the asset side. Deep Integration: If they only accept cash, Tianjiu is just a service provider; but once they hold equity, Tianjiu becomes a "partner." Tianjiu not only helps the innovative companies with business development, but also leverages the Tian Xing Qiong large model, AI algorithms, and its offline team of 1800, tirelessly helping the innovative companies grow their business. Leverage Effect: By connecting innovative companies on the Tianjiu platform with thousands of traditional business owners (cooperative partners/distributors), the business scales rapidly through geometric progression. Once the business explodes, the valuation of the company soars. Excess Returns: The value of the equity held by Tianjiu skyrockets. This explains why its net profit margin can reach 346% - this is not only operating profit but also investment income (fair value changes). In the first half of 2025, the reason why Tianjiu Enterprise Services' profits were able to grow by 241% year-on-year was largely due to the significant increase in the valuation of the unicorns it had served. This model allows Tianjiu Enterprise Services to transcend the traditional definition of intermediaries and become an "index fund for promoting China's innovative economy". It is not earning money now, but future money; it is not earning the difference in services, but the dividend of awareness. 3. The "Trust Engineering" that Cannot be Replaced by AI In today's world dominated by AI big models, Tianjiu Enterprise Services emphasizes its possession of high-tech tools such as "Tian Xing Qiong ViLLM" and "Tianjiu Algorithm," which can achieve precise matching. While this is part of its technological barrier, in the author's view, Tianjiu's real moat is in the most "non-internet" parts. According to the prospectus, in 2024, Tianjiu Enterprise Services conducted over 22,000 roadshows and had a team of over 1,800 offline service staff. Why such emphasis? Why can't everything be solved online like on Taobao? Because B-side businesses, especially those involving investments of tens or even hundreds of thousands, fundamentally rely on the "trust economy". Having a traditional building materials business owner represent an AISiasun Robot & Automation project involves a huge gap in understanding. This cannot be solved solely through algorithm recommendations; it requires face-to-face communication, inspections, drinking, and handshakes. The 1,200+ offline events of Tianjiu Enterprise Services actually build a "trust domain". In this domain, the founders of innovative companies present their visions on stage, while the "bosses" of traditional companies seek opportunities below. Tianjiu's service team acts as facilitators, bridging the gap. This "AI + human swarm tactics" O2O model establishes a substantial competitive barrier. Pure internet companies cannot handle such arduous tasks, and pure offline business development firms lack the matching capability of big data. Tianjiu Enterprise Services understands the "unwritten rules" of Chinese business: in China, business is not just about negotiations, but also about "relationships". The resources of 6.2 million business owners are not just cold numbers lying in a database; they are activated through a series of offline events, creating "hot traffic". 4. Risks and Ambitions: Can it become the "Berkshire Hathaway" of the business world? Of course, going public on the Hong Kong Stock Exchange is just the beginning, and Tianjiu Enterprise Services' model is not without risks. Its ultra-high net profit margin is based on the "appreciation of equity," which means that Tianjiu Enterprise Services' fate is highly tied to the cycle of the Chinese innovative economy. If the economy downturns, leading to widespread closures or valuation shrinkage of innovative companies, the equity held by Tianjiu may become worthless, and its performance will face significant fluctuations. Furthermore, the "cash + equity" model requires a high standard of project selection vision. In reality, Tianjiu is essentially performing the work of a VC (venture capital) by investing resources instead of funds. This necessitates the continual maintenance of a sharp sense of the industry raceway. Once a pseudo-demand or "explosive" project is selected, it will not only incur financial losses but also undermine the trust of the 6.2 million business owners. However, we cannot overlook the immense ambition behind this model. In the backdrop of industrial upgrading and digital transformation, Chinese enterprises are undergoing a painful transformation. Tianjiu Enterprise Services aims to prove that the flow and reorganization of resources is a significant productivity in itself. If Ke.com reshaped housing services through standardization and Meituan digitized lifestyle services, then what Tianjiu Enterprise Services wants to do is reshape the "growth model" of Chinese enterprises. It aims to tell the market: business growth does not necessarily have to rely on slowly hiring and expanding networks by oneself, but can also be achieved through "shared" resources, leading to a sudden explosion. Conclusion The listing of Tianjiu Enterprise Services in Hong Kong is not just about seeking the title of "the first in Chinese enterprise resource sharing services," but also about taking a uniquely Chinese business species to the global capital market. It is like a mirror, reflecting the anxieties of traditional Chinese economic transformation and the aspirations for the implementation of innovative economies. In this special historical period, Tianjiu Enterprise Services is not just a platform but more like a huge "business collider". In this collider, old money meets new wealth, experience merges with technology, anxiety intertwines with hope. Regardless of how its stock price performs in the future, this attempt to bridge the "Du Mai of Chinese business" is worth our long-term attention. After all, in the era of game with existing resources, whoever can get the resources flowing has the largest wealth code. This article is reproduced from the "Blue Blood Family" official account, edited by Jiang Yuanhua for GMTEight.