10 September 2025 Equity Research Report Focus Media (002027 CH) Equities Buy: Internet revenue to boost growth outlook; further upside from "Tap!" and acquisition Higher earnings visibility on intense competition in Internet industry; note the "Tap!" feature and acquisition progress. Focus Media reported 2Q25 revenue of RMB3,255m, up 0.5% y o-y, and net profit of RMB1,530m, up 5.2% y o-y, both in line with our expectations. Previously the market was concerned about the impact of weak advertising in the con ...