Blue Focus(SZ:300058) Xin Lang Cai Jing·2025-09-13 06:37Core Insights - The company's revenue growth is driven by overseas advertising investments, with a stable overall gross margin [1] - The company is deepening its ALL IN AI strategy and building its own overseas programmatic platform, Blue X [3] - The company is expected to achieve significant revenue growth in the coming years, supported by new media collaborations and AI integration [4] Group 1: Financial Performance - In H1 2025, the company achieved total revenue of 32.36 billion yuan, a year-on-year increase of 4.87%, with a gross margin of 2.83% [1] - The overseas advertising business generated revenue of 27.005 billion yuan, up 13.51% year-on-year, while the overall revenue for Q2 2025 reached 18.1 billion yuan, reflecting a year-on-year increase of 20.07% and a quarter-on-quarter increase of 26.97% [1] - The company reported a non-recurring net profit of 43.24 million yuan in Q2 2025, down 38.27% year-on-year [1] Group 2: Client Structure and Media Partnerships - In H1 2025, the revenue share from gaming, e-commerce, and internet applications was 42.77%, 24.24%, and 21.71% respectively, with internet application revenue growing by 57.0% year-on-year [2] - Major media partnerships with Meta and Google remain stable, while emerging platforms like TikTok For Business and programmatic advertising platforms such as Moloco and Amazon Ads are experiencing rapid growth [2] Group 3: AI Strategy and Programmatic Platform Development - AI-driven revenue reached 1.57 billion yuan in H1 2025, with expectations to reach 3-5 billion yuan for the full year [3] - The company is optimizing its traffic structure and expanding its AI and programmatic advertising purchasing business, with the Blue X platform and BlueTurbo DSP continuing to evolve [3] - As of H1 2025, the BlueAI platform has accumulated over 180 million data annotations and has facilitated over 400 billion token calls through API integration [3] Group 4: Future Projections - The company is projected to achieve revenues of 64.933 billion yuan, 71.256 billion yuan, and 78.094 billion yuan from 2025 to 2027, with net profits of 1.92 billion yuan, 2.49 billion yuan, and 3.38 billion yuan respectively [4]