New Stock Preview | BlueFocus Intelligent Communications Group sprinting towards "A+H" listing: China's leading marketing company, expected to generate revenue exceeding 60 billion RMB by 2024.

The hot market of "A+H" continues to be in full swing. On June 25th, the domestic marketing leader BlueFocus Intelligent Communications Group submitted its prospectus to the Hong Kong Stock Exchange for the first time, planning to list on the main board in Hong Kong, with Huatai International, GUOTAI JUNAN I, and Huaxing Capital as its joint sponsors. Founded in 1996 and headquartered in Beijing, the company is one of the earliest public relations companies established in China and is currently the largest marketing communication group in the country. In 2010, BlueFocus Intelligent Communications Group went public on the Shenzhen Stock Exchange's Growth Enterprise Market, securing the position as the "first public relations stock." As of the close of trading on July 2nd, the stock price was 6.37 yuan, with a total market value of 22.534 billion yuan. Since 2025, leading A-share listed companies have embarked on their second round of listings, embracing the A+H model. Industry giants like Jiangsu Hengrui Pharmaceuticals and Contemporary Amperex Technology have successfully knocked on the door of the Hong Kong Stock Exchange for an A+H listing. As the domestic marketing leader, if BlueFocus Intelligent Communications Group's listing in Hong Kong is successful, can it create a quality investment story on the Hong Kong Stock Exchange like the industry giants mentioned above? The company, which had revenues exceeding 60 billion yuan in 2024, is China's largest marketing company. According to GMTEight, BlueFocus Intelligent Communications Group is one of China's largest marketing communication groups. With a global business presence, it enjoys a high reputation in the industry. According to data from Frost & Sullivan, based on 2024 revenue, BlueFocus Intelligent Communications Group is the largest marketing company in China and the only Chinese enterprise among the top ten marketing communication companies globally, ranking tenth with a market share of 0.68%. During the reporting period, BlueFocus Intelligent Communications Group's marketing services reached nearly 200 countries and regions globally, serving over 100,000 clients, including over 100 Fortune China 500 companies. It is evident that under the strong leadership of the company, the revenue scale of BlueFocus Intelligent Communications Group is also considerable. According to the prospectus data, in 2022, 2023, and 2024, BlueFocus Intelligent Communications Group achieved revenues of 36.683 billion yuan, 52.616 billion yuan, and 60.8 billion yuan, respectively; gross profits were 1.7 billion yuan, 1.789 billion yuan, and 1.53 billion yuan, respectively; and gross profit margins were 4.7%, 3.4%, and 2.5% respectively. However, due to the industry's deep transformation with the maturation of AI technology, BlueFocus Intelligent Communications Group has increased its strategic investment, leading to "short-term pain" for the company. According to the prospectus, from 2022 to 2024, the company's annual profits were -2.177 billion yuan, 1.12 billion yuan, and -3 billion yuan respectively; with annual profit margins of -5.9%, 0.2%, and -0.5% respectively. During the reporting period, BlueFocus Intelligent Communications Group launched the "All in AI" strategy, developing the Blue AI, a large model application engine specifically for the marketing industry. As of December 31, 2024, the company had developed 137 Blue AI intelligent bodies that could be applied in real scenarios, generating gross revenues of approximately 1.2 billion yuan driven by AI-powered businesses. In 2024, the company also launched the "Globalization and Expansion 2.0" strategy, promoting the transition of cross-border marketing business from a model mainly based on agency services to a model based on localized operations and technology-driven services. In addition, the company has established five overseas offices in the United States, Vietnam, Thailand, Indonesia, and Singapore. Furthermore, in 2022, 2023, and 2024, the company's research and development expenses were 72 million yuan, 89 million yuan, and 54 million yuan respectively, while sales expenses were 83 million yuan, 82 million yuan, and 79 million yuan respectively. It is clear that in recent years, the company's investment in new technologies and products such as virtual humans, metaverse marketing, and AI content generation, made it difficult to generate significant profits in the short term, leading to short-term profit pains for the company. In the face of industry trends and deep-seated transformation, BlueFocus Intelligent Communications Group, as the domestic marketing leader, is actively reforming and upgrading to build a strong "moat", seize new industry development opportunities, and endure short-term profit pains. As the company's business benefits significantly from industry trends in the future, the company has the potential to quickly enter a phase of reaping rewards. With the steady growth of the industry, two major trends have become new growth "engines." Driven by the advancement of digital transformation, the increasing popularity of AI solutions, and the continuous growth in demand for end-to-end services across industries, the global marketing industry is steadily expanding. According to Frost & Sullivan data, the global marketing industry's market size reached 8.9 trillion US dollars in 2024, with a compound annual growth rate of 9.7% from 2020 to 2024. It is expected that by 2029, the market size will increase to 14 trillion US dollars, with a compound annual growth rate of 9.5%. China, as a core growth pole, is experiencing even faster growth due to policy incentives, increasing demand from companies for brand establishment and digital transformation, as well as evolving consumer expectations for cultural fit, emotional resonance, and value for money. In 2024, the domestic marketing industry's market size was 1.89 trillion US dollars, with a compound annual growth rate of 10% from 2020 to 2024, projected to reach 3 trillion US dollars in 2029, with a compound annual growth rate of 9.8%. In particular, two major development trends within the marketing industry are providing ample momentum for related companies. Firstly, there is a strong demand for "cross-border marketing." Specifically, as Chinese brands increasingly seek global expansion, their focus on localized content, performance optimization, and private domain operation will deepen, shifting the market from broad-based expenditure to whole-funnel growth models, thereby supporting continued marketing demand and maintaining strong growth momentum in the industry. From 2020 to 2024, the growth of cross-border marketing services in the Asia-Pacific region has consistently outpaced other regions, far exceeding North America and Europe. Although North America slightly outpaces Europe in scale, the growth rates in both regions are significant, with compound annual growth rates exceeding 14.0% from 2020 to 2024. It is worth noting that the Middle East, despite its smaller base, remains the fastest-growing region. Secondly, AI is reshaping the marketing industry value chain. As AI technology continues to mature and penetrate deep into the advertising value chain, a new generation of platform-based advertising service providers is emerging. These emerging service providers distinguish themselves through their independently developed technology, which supports automated advertising placement, intelligent performance optimization, and AI-assisted content generation. Unlike traditional project-based service providers that rely heavily on manual operations, this transformation enables service providers to serve more clients while still providing personalized experiences and maintaining high levels of campaign performance. According to a report published by CampaignBriefAsia, the digital marketing market in China is expected to exceed 1.2 trillion yuan in 2025, with an annual growth rate of 18%. Meanwhile, industry concentration is increasing: the top 10 companies (such as SONY, HUAYANG OURGAME, BlueFocus Intelligent Communications Group, etc.) occupy a 60% market share, mainly relying on their full-service capabilities and AI technology advantages. Therefore, riding the industry trend, BlueFocus Intelligent Communications Group clearly possesses sufficient momentum and advantages to seize industry development opportunities. Overall, the marketing communication industry in which BlueFocus Intelligent Communications Group operates is undergoing a dual transformation of "technological reshaping and deepening globalization," with industry growth slowing but significant structural opportunities. With its leading AI technology and global layout, the company is poised to expand its market share in the competition and reinforce its leading position. In the short term, attention should be given to the company's profit recovery capabilities, while in the medium to long term, continuous validation of AI commercialization capabilities and the efficiency of overseas localization operations is required.