Investment Rating - The investment rating for the company is "Add" and is maintained [2] Core Insights - The company expects a significant increase in net profit for 2025, projecting a range of CNY 181 million to CNY 209 million, representing a year-on-year growth of 46.79% to 69.50% [5] - The company's profitability is recovering in Q4, with a projected net profit of CNY 37 million to CNY 65 million for Q4 2025, indicating a substantial year-on-year growth of 162.71% to 210.17% [6] - The company is focusing on expanding its market presence in key industries such as finance, consumer goods, smart terminals, and automotive, having successfully signed new contracts with major clients [6] - The introduction of GEO (Generative Engine Optimization) is expected to reshape the marketing industry, with the company positioned to benefit as a leading integrated marketing firm [7] - The GEO market in China is projected to grow from CNY 250 million in 2025 to over CNY 3 billion by 2027, indicating a significant opportunity for the company [7] Financial Projections - The company’s revenue forecasts for 2025, 2026, and 2027 are CNY 3.482 billion, CNY 4.059 billion, and CNY 4.592 billion respectively, with corresponding net profits of CNY 196 million, CNY 294 million, and CNY 351 million [8][10] - The expected earnings per share (EPS) for the same years are CNY 0.93, CNY 1.40, and CNY 1.66, with price-to-earnings (P/E) ratios of 37.56, 25.01, and 21.01 respectively [10][13]

Company and Industry Summary Company Overview - The company is transitioning its business structure towards "integrated marketing + advertising platform + AI empowerment" with integrated marketing serving as the performance foundation and the advertising platform leveraging technology and scale effects for long-term valuation enhancement [2][3] Key Financial Highlights - Revenue is projected to grow over 50% by 2025, with the e-commerce segment expected to increase by 122.8% year-on-year [2] - After excluding foreign exchange losses (36 million) and share-based payment (82 million), total profit reached 280 million, a 43% increase year-on-year [2][10] - R&D investment rose by 74% to 159 million, focusing on AI platforms and programmatic advertising algorithms, aiming to reduce task time by 30% and computing costs by 25% [2][10] Business Segments Integrated Marketing Services - This segment remains a crucial performance anchor, benefiting from overseas expansion, a solid customer base, and comprehensive marketing solutions across various high-growth sectors [3][8] - The company aims to enhance customer lifecycle value and retention through its extensive industry understanding and service capabilities [3] Advertising Platform - The advertising platform is expected to have stronger growth elasticity and valuation potential, driven by technology leverage and scale effects [3][4] - The company plans to expand traffic supply, strengthen algorithms, and enhance AI capabilities to improve operational efficiency and profit elasticity [4][5] Strategic Initiatives - The company is preparing for an H-share listing to support its global strategy and expand overseas financing channels for strategic acquisitions in the advertising platform business [2][6] - The internationalization strategy aims to deepen global customer service, enhance cooperation capabilities, and improve governance structures [6][7] Market Trends and Challenges - The rise of AI in advertising is seen as an opportunity, enhancing automation in ad placement and creative generation, while increasing demand for integrated data management and optimization capabilities [5][6] - The company anticipates a shift in media traffic patterns, with more diverse entry points and innovative ad formats emerging [5] Future Growth Outlook - The company maintains a positive outlook for growth over the next 2-3 years, supported by technological integration, media resource collaboration, and industry insights [8][9] - The advertising industry is expected to evolve from platform competition to infrastructure competition, with a focus on providing intelligent foundational capabilities [9][10] Profitability and Margin Trends - The decline in gross margin is attributed to increased competition and changes in cost structure due to higher media procurement volumes from major clients [10][14] - The company expects gross margins to stabilize as business scales grow, particularly with the increase in net revenue accounting [14] Programmatic Advertising and AI Development - The programmatic business is in a phase of continuous acceleration and capability enhancement, with significant upgrades completed in core areas [11][12] - The company is focused on improving algorithm capabilities and data governance to enhance efficiency and compliance in programmatic advertising [12] AI Marketing Positioning - The company has established a strong position in AI marketing, with ongoing investments in AI capabilities that are now yielding commercial results [13][14] - Collaborations with major cloud and AI model providers are enhancing the company's ability to implement advanced AI solutions in marketing [13] Conclusion - The company is strategically positioned to leverage its integrated marketing and advertising platform capabilities, with a strong focus on AI to drive future growth and maintain competitive advantages in a rapidly evolving market landscape [2][3][4][5][6][7][8][9][10][11][12][13][14]

Business Performance - In 2025, the company achieved a revenue of 3.83 billion CNY, representing a year-on-year growth of 50.39% [5] - The e-commerce segment experienced a remarkable growth of 122.80% [4] - The integrated marketing services revenue reached 1.95 billion CNY, with a growth of 49.35%, while the advertising platform revenue was 1.84 billion CNY, growing by 48.92% [2][3] Strategic Development - The company is focusing on a dual business model of integrated marketing services and advertising platforms, both expected to grow at nearly 50% [2] - The management emphasizes the importance of AI-driven capabilities and the integration of marketing services with programmatic advertising [6] - The company is preparing for an H-share listing to support its internationalization strategy and enhance its global market presence [4] AI and Technology Integration - The company has made significant advancements in AI technology, enhancing operational efficiency and creating commercial value [6] - AI capabilities are being integrated into marketing services and advertising platforms, improving creative production and optimization processes [6] - The company aims to continue developing AI products and enhancing platform capabilities to strengthen its competitive edge [6] Market Trends and Challenges - The management acknowledges that the advertising industry is shifting towards data-driven and algorithm-driven models due to advancements in AI by major media platforms [3] - The company views the evolving media landscape as presenting more opportunities than challenges, with a focus on cross-platform budget allocation and data governance [3] - Current challenges in programmatic advertising include data asset management and adapting to changing advertiser needs [5][6]

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或 完整性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等 內容而引致的任何損失承擔任何責任。 Holyfire Holdings Group Limited 聖 火 控 股 集 團 有 限 公 司 （「本公司」） （ 於開曼群島註冊成立的有限公司） 的申請版本 警告 本申請版 本乃根據 香港聯合 交易所有 限公司（「聯 交所」）及證券 及期貨事 務監察委 員會 （「證監會」）的要求而刊發，僅用作提供資訊予香港公眾人士。 本申 請 版本 為草 擬 本， 其 內所 載資 訊 並不 完 整， 亦可 能 會作 出重 大 變動 。 閣 下閱 覽 本 文 件 ， 即 代表 閣 下 知悉 、 接 納 並 向 本 公 司 、 其獨 家 保 薦 人 、 整 體 協 調人 、 顧 問 或 包 銷 團成員表示同意： 倘於 適 當時 候向 香 港公 眾 人士 提出 要 約或 邀請 ， 準投 資 者務 請僅 依 據呈 交香 港 公司 註 冊處註冊的本公司招股章程作出投資決定；有關文本將於發售期內向公眾刊發。 (i) ...

Group 1 - On January 15, 2025, Zhongxin Tourism's stock rose by 10.05%, with a transaction volume of 237 million yuan [1] - The financing data shows that on the same day, Zhongxin Tourism had a financing purchase amount of 63.19 million yuan and a net financing purchase of 25.82 million yuan, with a total financing and securities balance of 375 million yuan [1] - The current financing balance of 375 million yuan accounts for 4.19% of the circulating market value, which is below the 40th percentile level over the past year, indicating a low position [1] Group 2 - As of September 30, 2025, Zhongxin Tourism had 65,300 shareholders, a decrease of 8.27% from the previous period, while the average circulating shares per person increased by 9.01% to 12,630 shares [2] - For the period from January to September 2025, Zhongxin Tourism achieved an operating income of 5.241 billion yuan, a year-on-year increase of 10.96%, but the net profit attributable to shareholders decreased by 45.73% to 67.0186 million yuan [2] - Since its A-share listing, Zhongxin Tourism has distributed a total of 112 million yuan in dividends, with no dividends paid in the last three years [2]

Core Insights - The Chinese cross-border e-commerce market is experiencing rapid growth, with market size projected to increase from $22.8 billion in 2020 to $46.17 billion by 2024, representing a compound annual growth rate (CAGR) of 19.3% [1][13] - By 2029, the market size is expected to reach $93.36 billion, indicating a doubling from 2024 [1][13] - The primary transaction models in China's cross-border e-commerce include B2B, B2C, and C2C, each with distinct advantages and challenges [1][6] - The marketing services market for cross-border e-commerce is fragmented, with leading companies like Province Guang Group and Miduo Duo providing integrated marketing and digital exhibition services [1][6] - Future trends in cross-border e-commerce marketing are expected to focus on intelligence, socialization, and localization, with a rising demand for one-stop marketing services [1][29] Market Growth - The market size of China's cross-border e-commerce is projected to grow significantly, with a CAGR of 14.6% from 2025 to 2029 [12] - The growth is driven by factors such as the acceleration of online consumption habits due to the COVID-19 pandemic, the expansion of cross-border e-commerce pilot zones, and improvements in infrastructure like overseas warehouses [13][29] - The market is expected to quadruple in size over the next decade, approaching the $1 trillion mark [13] Transaction Models - B2B (Business-to-Business): Strong scale effects, high transaction values, but challenges in buyer matching and long-term relationship maintenance [7] - B2C (Business-to-Consumer): High brand exposure and user experience, but faces high return rates and inventory pressure [7] - C2C (Consumer-to-Consumer): Suitable for niche products with a wide supply chain, but quality can be inconsistent [7] Regulatory Environment - The Chinese customs have established four special regulatory models (9610, 9710, 9810, 1210) to simplify declarations and reduce logistics costs [9] - Recent announcements include the cancellation of overseas warehouse filing requirements to further facilitate businesses [9] Marketing Services Landscape - The marketing services for cross-border e-commerce are evolving from single service providers to comprehensive platforms that integrate marketing, scenarios, and transactions [6][34] - Companies are increasingly relying on AI technology to enhance content production and precision marketing [1][29] Future Trends - The demand for one-stop marketing services is on the rise, driven by the need for integrated solutions that cater to diverse market characteristics and consumer habits [34] - The cross-border e-commerce ecosystem is becoming more robust, with platforms like TikTok Shop and Amazon enhancing seller service systems and local fulfillment capabilities [29][35]

Company Overview - BlueFocus Communication Group Co., Ltd. (referred to as BlueFocus) submitted its listing application to the Hong Kong Stock Exchange on December 30, marking its second application in 2023, having previously submitted on June 25 [1] - Founded in 1996, BlueFocus specializes in providing technology-driven marketing services across various industries, addressing clients' marketing needs throughout their business lifecycle [3] - According to Frost & Sullivan, BlueFocus is the largest marketing service provider in China and ranks tenth among the top ten global marketing communication companies, being the only Chinese firm in this category [3] Business Segments - BlueFocus offers a range of marketing services categorized into digital advertising, integrated marketing, programmatic advertising, and public relations [4] - The company provides comprehensive marketing solutions, including social media marketing, big data analysis, public relations, creative design, and end-to-end project management [4] Financial Performance - For the fiscal years 2022, 2023, 2024, and the nine months ending September 30, 2025, BlueFocus reported revenues of approximately RMB 36.68 billion, RMB 52.62 billion, RMB 60.80 billion, and RMB 51.80 billion respectively [7] - The gross profit for the same periods was approximately RMB 1.71 billion, RMB 1.79 billion, RMB 1.53 billion, and RMB 1.34 billion, with corresponding gross profit margins of 4.7%, 3.4%, 2.5%, and 2.6% [8] - The net profit/loss for these periods was approximately -RMB 21.77 billion, RMB 1.12 billion, -RMB 2.97 billion, and RMB 2.30 billion [9] Strategic Initiatives - In 2023, BlueFocus launched its "All in AI" strategy, focusing on integrating artificial intelligence into its operations to drive business growth [5] - The company has developed an AI application engine, Blue AI, which has processed over 120 million marketing-specific data points, enhancing operational efficiency [5] - BlueFocus aims to expand its global presence through its "Globalization 2.0" strategy, transitioning from traditional agency models to localized operations and technology-driven services [5] Industry Insights - The global marketing industry is experiencing steady growth driven by digital transformation, the increasing adoption of AI solutions, and the rising demand for end-to-end services [12] - The Chinese marketing industry is expected to maintain its growth trajectory, supported by policy incentives, increasing brand establishment needs, and evolving consumer expectations [15] - The cross-border marketing services sector is particularly benefiting from the growth of outbound e-commerce, gaming, and mobile applications, with significant advertising budget increases [17]

Company Overview - BlueFocus Communication Group Co., Ltd. (referred to as BlueFocus) submitted its listing application to the Hong Kong Stock Exchange on December 30, marking its second application in 2023, having previously submitted on June 25 [1] - Founded in 1996, BlueFocus specializes in providing technology-driven marketing services across various industries, addressing clients' marketing needs throughout their business lifecycle [3] - According to Frost & Sullivan, BlueFocus is the largest marketing service provider in China and ranks tenth among the top ten global marketing communication companies, being the only Chinese company in this list [3] Business Segments - BlueFocus offers a range of marketing services categorized into digital advertising, integrated marketing, programmatic advertising, and public relations, among others [4] - The company provides comprehensive marketing services, including social media marketing, big data analysis, public relations, creative design, and end-to-end project management [4] Strategic Initiatives - In 2023, BlueFocus launched its "All in AI" strategy, focusing on integrating artificial intelligence into its operations to drive business growth [5] - The company has developed an AI application engine, Blue AI, which has processed over 120 million marketing-specific data points, enhancing operational efficiency and automation [5] - BlueFocus aims to expand its global presence through its "Globalization 2.0" strategy, transitioning from a traditional agency model to a localized and technology-driven approach [5] Financial Performance - BlueFocus reported revenues of approximately RMB 36.68 billion, RMB 52.62 billion, RMB 60.80 billion, and RMB 51.80 billion for the fiscal years 2022, 2023, 2024, and the nine months ending September 30, 2025, respectively [7] - The company's gross profit for the same periods was approximately RMB 1.71 billion, RMB 1.79 billion, RMB 1.53 billion, and RMB 1.34 billion, with corresponding gross margins of 4.7%, 3.4%, 2.5%, and 2.6% [8] - BlueFocus experienced net losses of approximately RMB 21.77 billion, RMB 1.12 billion, RMB 2.97 billion, and a profit of RMB 2.30 billion for the same periods [9] Industry Overview - The global marketing industry is experiencing steady growth driven by digital transformation, the increasing prevalence of AI solutions, and the rising demand for end-to-end services [12] - In China, the marketing industry is expected to continue its growth trajectory, supported by policy incentives, increasing brand establishment needs, and evolving consumer expectations [15] - The cross-border marketing services sector is particularly thriving, fueled by the growth of outbound e-commerce and advertising budgets in various industries [17]

Company Overview - BlueFocus Communication Group, established in 1996, provides technology-driven marketing services across various industries, catering to clients' marketing needs throughout their business lifecycle [3] - According to Frost & Sullivan, BlueFocus is the largest marketing service provider in China and ranks tenth among the top ten global marketing communication companies, being the only Chinese firm in this category [3][11] - The company is also recognized as the largest provider of cross-border marketing services for Chinese companies going overseas and the largest digital advertising agency in China [3] Business Segments - BlueFocus offers a range of marketing services, including digital advertising, integrated marketing services, programmatic advertising, and public relations [4] - The company has developed proprietary platforms such as Blue X and Blue Turbo for programmatic advertising services [4] Strategic Initiatives - In 2023, BlueFocus launched the "All in AI" strategy, focusing on integrating artificial intelligence into its operations to enhance business growth and efficiency [5] - The company has created an AI application engine, Blue AI, which has processed over 120 million marketing-specific data entries, leading to the development of 137 AI agents applicable in real marketing scenarios by September 2025 [5] Financial Performance - BlueFocus reported revenues of approximately RMB 36.68 billion, RMB 52.62 billion, RMB 60.80 billion, and RMB 51.80 billion for the fiscal years 2022, 2023, 2024, and the nine months ending September 30, 2025, respectively [7] - The gross profit for the same periods was approximately RMB 1.71 billion, RMB 1.79 billion, RMB 1.53 billion, and RMB 1.34 billion, with corresponding gross margins of 4.7%, 3.4%, 2.5%, and 2.6% [8] - The net profit figures were approximately -RMB 21.77 billion, RMB 1.12 billion, -RMB 2.97 billion, and RMB 2.30 billion for the respective periods [9] Industry Insights - The global marketing industry is experiencing steady growth driven by digital transformation, the increasing adoption of AI solutions, and the rising demand for end-to-end services [11] - The Chinese marketing industry is expected to maintain its growth trajectory due to policy incentives, increasing brand establishment needs, and evolving consumer expectations [14] - The cross-border marketing services sector is particularly benefiting from the growth of outbound e-commerce, gaming, and mobile applications, with significant advertising budget increases in these areas [16]

香港交易及結算所有限公司、香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容 概不負責，對其準確性或完整性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容 而產生或因依賴該等內容而引致的任何損失承擔任何責任。 BlueFocus Intelligent Communications Group Co., Ltd. (北京藍色光標數據科技集團股份有限公司) （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求 而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣 下知悉、接納並向本公司、本公司的聯席保薦人、整體協調人、顧問或包銷團成員表示同意： 本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港公司註冊處處長登記前，本公 司不會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀請，準投資者務請僅 依據與香港公司註冊處處長註冊的本公司招股章程作出 ...