Blue Focus(SZ:300058) Chang Jiang Shang Bao·2025-06-09 23:35Core Viewpoint - BlueFocus Communication Group (300058.SZ) has announced plans to list on the Hong Kong Stock Exchange to enhance its international capital operations platform and support its global business strategy [2][3]. Financial Performance - As of Q1 2025, the company has nearly 3 billion CNY in cash and approximately 2 billion CNY in interest-bearing liabilities, indicating no significant financial pressure [2]. - The company's revenue reached over 60 billion CNY in 2024, but it reported a net loss of 291 million CNY attributable to shareholders [2][11]. - Over the past three years, BlueFocus has incurred a total net loss of approximately 2.35 billion CNY, primarily due to goodwill impairments from aggressive acquisitions [12][10]. Business Expansion and Strategy - BlueFocus has significantly expanded its asset scale through numerous acquisitions since its A-share listing in 2010, becoming Asia's largest marketing company with total assets of approximately 22.37 billion CNY by the end of 2024 [5][8]. - The company’s international business accounted for about 80% of its revenue in 2024, with a strong growth trajectory in overseas advertising [6][8]. - Despite the growth in revenue, the gross margin for international business remains low, at around 1.66% in 2023 and 1.73% in 2024, compared to 7.55% for domestic operations [7][6]. Management and Compensation - In 2024, despite operational losses, the company's chairman Zhao Wenquan received a salary increase to nearly 2 million CNY, while the general manager Pan Fei's compensation rose to approximately 4.45 million CNY [2][14].