"A+H"上市热仍在火热持续中。6月25日，国内营销龙头蓝色光标首次向港交所递交招股书，拟在香港主板上市，华泰国际、国 泰君安国际和华兴资本为其联席保荐人。 该公司成立于1996年，总部位于北京，是中国最早成立的公关公司之一，也是目前国内最大的营销传播集团，2010年，蓝色光 标在深圳证券交易所创业板上市，一举拿下"公关第一股"的位置。截至7月2日收盘，该股价为6.37元，总市值为225.34亿元。 2025年以来，A股龙头上市公司开启了自己的第二轮上市，拥抱A+H模式，譬如恒瑞医药、宁德时代等行业巨头相继成功叩响 港交所的大门，实现A+H上市。蓝色光标作为国内营销龙头，若此次赴港上市成功，能否如上述行业巨头一样在港交所书写优 质投资故事呢? 国内最大营销公司，2024年收入超600亿 据智通财经了解，蓝色光标是中国本土最大的营销传播集团之一，全球业务布局广泛，在业界拥有知名度和声誉。 根据弗若斯特沙利文的资料，按照2024年收入计，蓝色光标为最大的中国营销公司，亦为全球前十大营销传播公司中唯一一家 中国企业，排名第十，市场份额为0.68%。 于往绩记录期间，蓝色光标的营销服务已触达全球近200个国家和地区， ...

Group 1 - The article emphasizes the importance of digital presence as a core competitive battlefield for enterprises in the context of global digitalization, focusing on five leading companies in Shanghai that excel in shaping online brand images [1] Group 2 - Hangzhou PinSu GongYing Technology utilizes a self-developed monitoring platform for real-time data analysis, achieving record-breaking exposure for marketing campaigns and reversing sales declines during product crises [2][4] - The company offers customized services that innovate the entire branding process, successfully positioning brands to meet emotional consumer needs and enhancing user recognition through sustainable practices [3][4] - PinSu GongYing has validated its effectiveness with over 300 case studies, significantly increasing brand awareness and market share for clients [4] Group 3 - Ogilvy Media, a globally recognized advertising group, has a strong presence in Shanghai and has been consistently ranked among the world's most valuable brands, serving major international clients [5] - The company won a prestigious award at the 2025 Cannes Lions for its "Make Love Last" project, which creatively combines art and emotional storytelling to resonate with audiences [6] - Ogilvy integrates resources from both global and local media platforms to create tailored marketing strategies for international brands [7][8] Group 4 - PinSu Public Relations focuses on crisis management and brand reputation, utilizing a smart data platform for real-time public sentiment monitoring [9][10] - The firm has successfully transformed crises into opportunities for brand enhancement through strategic public engagement and transparency [11][12] Group 5 - BlueFocus Group, headquartered in Beijing, is a leader in digital marketing, leveraging AI technology to enhance service integration and creativity [14] - The company has executed successful campaigns that utilize AI-generated content, achieving significant online exposure and engagement [15][17] - BlueFocus also emphasizes global marketing strategies while maintaining local insights to effectively penetrate international markets [16][24] Group 6 - Think Media specializes in content marketing and multi-channel integration, serving major clients and expanding from traditional media to digital marketing [18] - The company has launched innovative projects that combine online and offline strategies to drive significant traffic and engagement for brands [19][20] - Think Media employs AI and big data to optimize advertising costs and improve conversion rates [21][22] Group 7 - The article outlines industry trends such as technology-driven competition, cultural empowerment in brand value, and the balance between globalization and localization [22][24] - It highlights the importance of selecting service providers based on their technical capabilities, industry experience, resource integration, and crisis management skills [25][28]

Core Viewpoint - BlueFocus, a Chinese advertising and marketing company, has submitted an application for a listing on the Hong Kong Stock Exchange, aiming to raise funds for AI research, global business expansion, and potential acquisitions [1][12]. Company Background - Founded in 1996 and listed on the Shenzhen Stock Exchange in 2010, BlueFocus provides marketing solutions across various industries, reaching nearly 200 countries and regions [2]. - The company's revenue is projected to grow from 366.83 billion RMB in 2022 to 607.97 billion RMB in 2024, representing a compound annual growth rate (CAGR) of 28.7% [2]. Main Business Segments - BlueFocus's main business segments include: 1. **Cross-border Marketing Services**: Digital advertising, integrated marketing, programmatic advertising, and other marketing services via its SaaS platform. 2. **Domestic Integrated Marketing Services**: Public relations, data analysis, and other integrated marketing services. 3. **Domestic Full-service Advertising**: Digital and programmatic advertising services in China [3]. - The cross-border marketing services segment is the largest revenue contributor, expected to generate 483.33 billion RMB in 2024, accounting for 79.50% of total revenue [3]. Profitability and Cost Structure - BlueFocus's gross profit for 2024 is projected at 15.30 billion RMB, with a gross margin of only 2.5%, indicating significant cost pressures [7]. - Media costs are the largest component of expenses, comprising 91.59% to 95.27% of total revenue from 2022 to 2024 [9]. - The company faces challenges in maintaining profitability due to high media costs and competitive pressures in the marketing industry [10]. Future Development Plans - BlueFocus plans to transition its cross-border marketing business from an agency model to localized operations and technology-driven approaches [11]. - The company has developed a large model application engine, Blue AI, aimed at enhancing automation and operational efficiency, with projected AI-driven revenue of approximately 1.2 billion RMB in 2024 [11]. Strategic Importance of Hong Kong Listing - The Hong Kong listing is seen as a strategic move to diversify funding sources and alleviate financial pressures, enabling further investment in technology and business expansion [12]. - The marketing industry is undergoing digital transformation, and BlueFocus must adapt to the evolving landscape, including the impact of AI on marketing practices [12].

Core Viewpoint - BlueFocus, a Chinese advertising and marketing company, has submitted an application for an IPO in Hong Kong, aiming to raise funds to enhance AI research, expand global business networks, improve domestic service capabilities, and pursue potential acquisitions or investments [2][13]. Company Background - Founded in 1996 and listed on the Shenzhen Stock Exchange in 2010, BlueFocus provides marketing solutions across various industries, reaching nearly 200 countries and regions [3]. - The company's revenue is projected to grow from 36.683 billion RMB in 2022 to 60.797 billion RMB in 2024, representing a compound annual growth rate (CAGR) of 28.7% [3]. Main Business Segments - BlueFocus's main business is divided into three categories: 1. **Cross-border Marketing Services**: Includes digital advertising, integrated marketing, programmatic advertising, and other marketing services via its SaaS platform. 2. **Domestic Integrated Marketing Services**: Encompasses public relations, data analysis, and other integrated marketing services. 3. **Domestic Full-service Advertising**: Divided into digital advertising and programmatic advertising services [4]. Revenue Contribution - The cross-border marketing services segment is the largest revenue contributor, expected to generate 48.333 billion RMB in 2024, accounting for 79.5% of total revenue [4]. Profitability and Cost Structure - Despite significant revenue, BlueFocus faces low profitability, with a projected gross profit of only 1.530 billion RMB and a gross margin of 2.5% in 2024 [8]. - Media costs constitute the largest expense, accounting for over 95% of total revenue in recent years, which significantly impacts gross margins [10]. Future Development Plans - BlueFocus plans to transition its cross-border marketing business from an agency model to localized operations and technology-driven approaches, enhancing connections with overseas clients [12]. - The company has developed a large model application engine, Blue AI, aimed at improving automation and operational efficiency, with projected AI-driven revenue of approximately 1.2 billion RMB in 2024 [12]. Strategic Importance of Hong Kong Listing - The IPO in Hong Kong is seen as a crucial strategic move for BlueFocus, providing access to diverse financing channels to alleviate funding pressures and invest in technology and business expansion [13]. - The competitive landscape in the marketing industry is intensifying, with advancements in AI technology changing the dynamics of marketing services, necessitating BlueFocus to adapt and innovate [13].

招股书显示，自1996年成立以来，蓝色光标专注于为不同行业的客户提供一站式技术驱动营销服务，满足客户全生命周期 的营销需求。根据弗若斯特沙利文的资料，按照2024年收入计，蓝色光标为最大的中国营销公司，亦为全球前十大营销传 播公司中唯一一家中国企业，排名第十。 行业方面，近年来，中国营销行业规模持续扩张且增长稳定。根据弗若斯特沙利文的资料，预计中国营销行业市场规模将 由2024年的18858亿元增至2029年的30117亿元，2024年至2029年的复合年增长率预计为9.8%。出海跨境营销已成为核心且 增速最快的细分赛道之一。根据弗若斯特沙利文的资料，预计中国出海跨境营销行业的市场规模将由2024年的4404亿元增 至2029年的7866亿元，2024年至2029年的复合年增长率预计为9.8%。 智通财经APP获悉，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(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。 财务方面，于2022年度、2023年度、2024年度，蓝色光标实现收入分别约为366.83亿元、526.16亿元、607.97亿元人民币； 同 ...