At the 2025 Shenzhen Cultural Expo in June, Bluefocus Intelligent Communications Group Co., Ltd. (300058.SZ) drew massive crowds with its immersive "China Wander" series, blending history and virtual reality through exhibits like *Beijing Central Axis*, *Millennial Adventure at Jianmen Pass*, and *A Millennium Ode to Tengwang Pavilion*. Concurrently, the company quietly initiated a global capital move by joining the Hong Kong IPO queue—marking its second major capital market endeavor 15 years after its debut as "China’s PR industry pioneer."
In 2024, Bluefocus hit a record revenue of CNY 60.8 billion (up 15.6% YoY), but net profit plunged 365.8% to a CNY 297 million loss. However, the first three quarters of 2025 saw a rebound: revenue exceeded CNY 51 billion, with net profit nearing CNY 200 million. CEO Pan Fei emphasized in a public letter that the company’s pivot to "All in AI," "Globalization 2.0," and the Hong Kong IPO reflects its transformative strategy.
**Global Top 10 Marketing Firm: AI-Driven Revenue Triples** Q1–Q3 2025 financials show revenue rose 12.5% YoY to CNY 51.1 billion, with net profit up 58.9% to CNY 196 million. Cross-border marketing, Bluefocus’ core business, contributed over 70% of total revenue, reaching 200+ markets. The company dominates as China’s largest cross-border marketing service provider and the only Chinese firm among the world’s top 10 marketing agencies.
Yet, thin margins persist: cross-border毛利率 stagnated at 1.5–1.7%, dragging overall毛利率 down to 2.5% in 2024. Media costs consumed 97.7% of sales expenses. To counter this, Bluefocus launched "All in AI" in 2023, with AI-driven毛利 accounting for 80% (CNY 1.2 billion) of 2024’s total毛利. By Q3 2025, AI revenue skyrocketed 310% YoY to CNY 2.47 billion, boasting a 40%毛利率—far surpassing traditional代理业务的 2.66%.
**Shareholders Retreat: Sun Taoran and Lakala Reduce Stakes** Despite growth, skepticism lingers. Q3 2025 saw Bluefocus’ shareholder count drop 7.7% sequentially, with top流通股东 like Lakala trimming holdings. Founder Zhao Wenquan remains the largest single shareholder (3.9%), though 63 million shares are frozen due to legal disputes.
Notably, Lakala’s founder Sun Taoran—a co-founder and ex-director of Bluefocus—cut his stake from 4.19% in late 2024 to 1.53% by Q1 2025. Lakala also sold 4.55 million shares in Q3. This follows the 2018 exit of three other co-founders, who collectively offloaded 5.98% for CNY 926 million to Tibet Yaowang, a firm linked to联想控股 and Sun.
**Legacy and Pivots: From IT PR to AI** Bluefocus traces its roots to 1996, when Zhao and five peers (including Sun) pooled CNY 50,000 to launch an IT-focused PR firm. After Zhao’s hiatus (1999–2002),清华 alum Gao Peng joined as a key shareholder. Post-2010 IPO, diverging visions led to founder exits, with联想 emerging as a major stakeholder via Lakala’s 2021 acquisition of西藏耀旺’s shares.
As of September 2025, Bluefocus holds CNY 4.1 billion in cash against CNY 1.92 billion short-term debt, with a 67.6%负债率—higher than peers like Yeahka (39.9%) and Tianyu Digital (32.8%).
The Hong Kong IPO, advised by Huatai Financial, Guotai Junan, and Huaxing Securities, aims to fuel Bluefocus’ AI-native reinvention—a bet that 70–80% future revenue will stem from AI-remodeled services.
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