炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：上市公司研究院 作者：云 据港交所6月25日披露，北京蓝色光标数据科技集团股份有限公司（以下简称：蓝色光标）向港交所主 板递交上市申请，华泰国际、国泰君安国际、华兴资本为其联席保荐人，募资主要用于缓解流动性危 机、支撑AI战略落地、拓展全球化渠道。 蓝色光标的营收规模虽然已经突破600亿元，但其媒体返点模式锁死毛利空间，核心出海业务约占营收 的80%，媒体采购成本吞噬95%收入，出海业务毛利率1.73%；整体业绩亏损；资产负债率持续攀升、 应付账款占比高企、经营活动造血能力差等因素影响下，使得蓝色光标于A股市场股价表现相对较差、 再融资难度也有所加大。 虽然蓝色光标喊出All in Ai的战略，但是公司的研发投入占比极低，2024年公司的研发费用率不足 0.1%，在此情况下，公司可否在港股市场讲通AI故事，仍存在极大未知。 挣扎在盈亏平衡线上：业绩亏损、盈利能力差、负债率持续攀升、应收账款占比超50% 蓝色光标是一家为企业智慧经营全面赋能的营销科技公司，成立于1996年，主要为不同行业的客户提供 营销解决方案，以满足客户全生命周期 ...

客户聚焦：双平台激发跨行业场景创新 盛夏香江，智慧激荡。近日，亚太顶级营销科技盛会MarTech HK Summit 2025在香港 丽兹卡尔顿酒店 圆满落幕。本届峰会云集汇丰银行 (HSBC)、星展银 行(DBS)、雅虎(Yahoo)、国泰航空、港铁等数百家企业高管，共探智能营销前沿趋势。领先的客户互动和营销科技服务商，极光(Aurora Mobile，纳斯达 克股票代码：JG) 以"双引擎"阵容重磅亮相——AI智能体平台GPTBots.ai(以下简称"GPTBots") 与EngageLab领先的多渠道互动平台协同展示，成为全场焦 点。 双核展示：AI交互+精准触达，打造增长闭环 本次展会中，极光在香港市场并机呈现两大核心解决方案，GPTBots助力企业用AI提效，EngageLab攻克精准触达难题，两者协同为企业构建从客户洞察 到价值转化的完整闭环。 GPTBots：企业级AI智能体平台 零代码构建专属AI助手，覆盖智能客服、流程自动化、知识管理等高价值场景，驱动业务效率革命。 EngageLab：全渠道智能用户互动平台 整合邮件、短信、APP推送、社交媒体等20+触达通道，通过用户行为分析实现精准自动 ...

Core Insights - The increasing globalization and rapid development of digital technology are driving more companies to explore overseas markets, with AI marketing agents emerging as a favored tool for expansion [1][16] Group 1: AI Marketing Agents - AI marketing agents utilize big data analysis and machine learning algorithms to accurately target customer groups, enhancing the effectiveness of marketing activities [1][14] - They enable full-chain automated operations from lead acquisition to order conversion, significantly improving marketing efficiency and reducing labor costs [1][16] - AI marketing agents support multiple mainstream social media platforms, including TikTok, Facebook, Instagram, and LinkedIn, facilitating multi-channel marketing coverage [1] Group 2: Starry Cloud's Offerings - Starry Cloud is a leading one-stop overseas AI marketing agent platform in China, providing comprehensive social media operation solutions for businesses [4][11] - The platform features six intelligent agents, including AI website experts, AI short video operation experts, AI social media operation experts, AI foreign trade personnel, AI customer service, and AI data analysts, which work collaboratively to optimize marketing processes [4][15] - Starry Cloud has successfully served over 5,000 companies, accumulating rich industry experience and successful case studies, such as reducing customer acquisition costs and improving lead quality for clients [11] Group 3: Technical Strength and Customization - Starry Cloud boasts a strong technical team with deep AI technology and big data analysis capabilities, providing precise marketing strategies and efficient operational services [11] - The platform offers personalized marketing solutions tailored to specific business needs, aiding in brand building and business growth [11][2]

Core Viewpoint - BlueFocus is planning to issue H-shares and list on the Hong Kong Stock Exchange, aiming to raise approximately $500 million to support its business development and strategic transformation in the AI marketing sector [2][6]. Financial Performance - In 2024, BlueFocus achieved a revenue of 60.797 billion yuan, a year-on-year increase of 15.55%, becoming the first marketing company in China to surpass 60 billion yuan in revenue [3]. - Despite revenue growth, BlueFocus reported a net loss of 291 million yuan, a decline of 349.32% year-on-year, primarily due to increased investments in emerging businesses and rising bad debt losses from customer credit risks [3][4]. - In Q1 2025, the company reported a revenue of 14.258 billion yuan, a decrease of 9.66%, but a net profit of 96 million yuan, an increase of 16.01% year-on-year [5]. Business Strategy - BlueFocus is focusing on international expansion and AI transformation as its two core strategies, with overseas business revenue reaching 48.333 billion yuan in 2024, a growth of 29.36% [7]. - The "All in AI" strategy aims to transform BlueFocus into a true AI marketing technology company, with AI covering over 95% of its operational scenarios, improving efficiency by 60% to 1000% [8][10]. AI Integration - In 2024, AI-driven revenue reached 1.2 billion yuan, growing over tenfold, with expectations to reach 3 to 5 billion yuan in 2025 [8]. - BlueFocus has developed its own AI platform, BlueAI, which has been integrated into over half of its cases, and has incubated around 100 intelligent agents [8][9]. Market Challenges - The AI marketing market in China is projected to reach 133.49 billion yuan in 2024, growing by 74.7%, with increasing competition from traditional marketing firms and tech giants [10]. - BlueFocus aims to reconstruct its business model and organizational structure through AI to gain a competitive edge in the rapidly evolving market [11][12].

极光旗下EngageLab及GPTBots双品牌通过SOC 2 Type II认证，数据安全与国际合规能力再获权威认可 中国领先的客户互动和营销科技服务商——极光（纳斯达克股票代码：JG）宣布，旗下两大核心产品 客户互动平台EngageLab与企业级AI智能体GPTBots已正式通过国际权威SOC 2 Type II认证。这一里程 碑式成就，充分彰显了极光在数据安全、隐私保护与运营合规领域的全球领先实力和持续投入。 企业级数据安全保障：极光通过EngageLab与GPTBots，在安全性、可用性和保密性等关键领域为客户 数据提供行业领先的安全控制与持续监控。 全球合规能力加持：SOC 2 Type II认证全球认可，助力企业顺利应对各地区合规与业务拓展需求。 高可靠运营实力：认证充分验证了极光旗下两大平台在关键业务场景下的稳定性与可靠性。 此次认证的通过，进一步巩固了极光作为全球企业客户可信赖的智能客户互动与AI服务平台的行业地 位。 SOC 2 Type II认证由美国注册会计师协会（AICPA）制定，是全球公认的数据安全与隐私合规标准。其 审核不仅关注企业内部控制体系的设计，更要求在连续数月内对实际运行效 ...

极光相关负责人表示："数据安全与隐私合规始终是极光服务全球客户的底线和承诺。EngageLab与 GPTBots双品牌通过SOC 2 Type II认证，是我们持续提升安全能力、助力企业客户安心创新增长的坚定 承诺。" 此次认证的通过，进一步巩固了极光作为全球企业客户可信赖的智能客户互动与AI服务平台的行业地 位。 关于EngageLab 中国领先的客户互动和营销科技服务商——极光(纳斯达克股票代码：JG)宣布，旗下两大核心产品客户 互动平台EngageLab与企业级AI智能体GPTBots已正式通过国际权威SOC 2 Type II认证。这一里程碑式 成就，充分彰显了极光在数据安全、隐私保护与运营合规领域的全球领先实力和持续投入。 SOC 2 Type II认证由美国注册会计师协会(AICPA)制定，是全球公认的数据安全与隐私合规标准。其审 核不仅关注企业内部控制体系的设计，更要求在连续数月内对实际运行效果进行严格评估，涵盖安全 性、可用性、处理完整性、保密性和隐私等五大核心维度。 对客户与合作伙伴的价值： ●企业级数据安全保障：极光通过EngageLab与GPTBots，在安全性、可用性和保密性等关键领域 ...

Core Insights - The event focused on "AI Agent Ecosystem Construction and Investment Opportunities," highlighting the transformative role of AI technology in reshaping global business landscapes [1] - Industry leaders gathered to analyze trends and explore new paths for development in the AI Agent sector [1] Group 1: Company Insights - Jiahe Technology, led by CEO Yin Zijie, specializes in data attribution analysis for advertising reach and marketing effectiveness, processing approximately 50 billion advertising opportunities daily with an annual ad spend of 8 to 10 billion [1] - The company aims to leverage large models to enhance data utilization, overcoming previous limitations in marketing strategies and content availability [1] - Jiahe Technology is developing an intelligent marketing platform, GoalfyMax, to automate the entire process from data integration to optimization instruction generation [1] Group 2: Industry Challenges and Innovations - The proliferation of large models is expected to provide broader opportunities for enterprises to unlock data value, addressing challenges in cross-business data integration [1] - Entrepreneurs in the AI Agent field often face the dilemma of balancing technological leadership with commercialization speed, with Jiahe Technology emphasizing the importance of continuous tech investment [1] - A practical case shared by Jiahe Technology involved optimizing offline store operations for an international brand by integrating online data, demonstrating the significant application of AI Agents in marketing [3]

Group 1 - The BEYOND Expo 2025, themed "Empowering Asia, Connecting the World," was held in Macau, attracting over 25,000 attendees and featuring more than 800 exhibitors, including Aurora Mobile, which won the BEYOND Awards for innovation [1][6] - Aurora Mobile showcased its GPTBots AI Agent platform and EngageLab omnichannel interaction solutions, highlighting their integration of AI with business applications in customer service and data decision-making [1][3] - The event emphasized the importance of AI technologies, large models, and robotics, with Aurora's booth becoming a focal point due to its deep integration of AI and practical applications [1][6] Group 2 - The GPTBots AI Agent platform offers end-to-end AI solutions, including intelligent Q&A systems and decision support systems, successfully applied in sectors like financial services and public services [3][6] - EngageLab provides a tailored customer journey management system, enabling precise customer engagement across all channels, enhancing the overall customer experience [3][4] - Feedback from attendees highlighted Aurora's innovation in combining cutting-edge technology with measurable business value, leading to preliminary cooperation agreements with several companies during the expo [6]

Core Viewpoint - Aurora Mobile has raised its revenue guidance for Q1 2025, expecting revenue between RMB 87 million and RMB 90 million, representing a year-on-year growth of approximately 35% to 40% [1][2]. Financial Performance - The expected revenue for Q1 2025 is between RMB 87 million and RMB 90 million, compared to RMB 64.5 million in the same period of 2024, indicating a growth of about 35% to 40% [2]. - The adjusted net loss is anticipated to be between RMB 1 million and RMB 2 million, an improvement from a net loss of RMB 2.6 million in the same period of 2024 [3]. - As of March 31, 2025, the company's cash and cash equivalents are expected to be between RMB 113 million and RMB 114 million, down from RMB 119.5 million as of December 31, 2024 [3]. Business Growth Drivers - EngageLab, a core component of the company's overseas business, has shown strong growth with revenue increasing over 120% year-on-year [2]. - The launch of a large language model (R1 LLM) by a client has driven significant demand, contributing to revenue growth for Aurora Mobile [2]. - The company's financial risk management business has also seen substantial revenue increases due to heightened client demand [2]. - The AI platform GPTBots.ai continues to empower enterprises by providing no-code AI bot construction technology, facilitating efficient digital transformation [2]. - The dual strategy of "going global + AI empowerment" is proving effective in expanding market share and commercializing technology [2].

Core Insights - The article discusses the emergence of matrix marketing systems as a solution for businesses to innovate and optimize their marketing strategies in a competitive market environment [2] - It highlights the advantages of matrix marketing systems, including technology empowerment, multi-channel integration, customer lead mining, and improved return on investment and marketing efficiency [9] Group 1: Technology Empowerment and Data-Driven Approach - The core advantage of matrix marketing systems lies in their strong technological support, utilizing advanced AI algorithms such as machine learning and deep learning for in-depth analysis of consumer behavior and market trends [5] - This data-driven marketing approach allows businesses to precisely target their audience and develop tailored marketing strategies based on key consumer characteristics [5] Group 2: Multi-Channel Integration and One-Stop Solutions - Matrix marketing systems offer significant multi-channel integration capabilities, providing businesses with a one-stop marketing solution that connects both online and offline channels [6] - This integration enhances brand exposure and allows for real-time monitoring and adjustment of marketing strategies based on data analysis [6] Group 3: Customer Lead Mining and Precision Marketing - The matrix marketing system excels in customer lead mining, enabling businesses to search for potential customers across over 300 cities and 180 industries, significantly reducing customer acquisition time [7] - It also facilitates a combination of proactive and passive marketing strategies, enhancing brand awareness and market share through free advertising opportunities [7] Group 4: Enhanced ROI and Marketing Efficiency - By utilizing matrix marketing systems, businesses can effectively promote their brands and products while significantly improving their return on investment and marketing efficiency [8] - The system's real-time monitoring capabilities allow for informed decision-making regarding resource allocation, leading to higher investment returns [8] Group 5: Future Development and Trends - The application of matrix marketing systems is expected to grow as businesses face increasingly complex market competition, leveraging technology to enhance marketing capabilities [9] - Future developments may include further integration of marketing channels and services, increasing the system's intelligence to meet evolving market demands [9]