Baosheng Media Group Holdings Ltd (NASDAQ: BAOS)

Baosheng Media Group Holdings Limited is an online marketing solution provider based in China that helps advertiser clients manage their online marketing activities to achieve business goals.

The company acts as an intermediary between advertisers and media platforms, offering services such as search engine marketing, in feed ads, mobile app ads, and social media ads.

It relies on its management’s industry experience, deep market insights, and an established network of media resources to design advertising strategies, optimize ad creatives, and place ads on suitable channels.

The company’s revenue comes from two main sources: rebates and incentives received from media or their authorized agencies for securing advertiser placements, and net fees earned when it procures advertising inventory on behalf of advertisers and provides related services.

In 2025 rebates and incentives accounted for $488,692 or 85.9 percent of total revenue, while net fees from advertisers contributed $80,301 or 14.1 percent, yielding total revenue of $568,993.

Gross billings were $18.4 million in 2025, $12.1 million in 2024, and $18.8 million in 2023, and net revenue (gross billings minus media costs) was $0.6 million in both 2024 and 2025 after falling from $0.9 million in 2023.

The advertiser base grew to 714 clients in 2025, up from 528 in 2024 and 285 in 2023.

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Baosheng Media Group Holdings Limited operates in a highly fragmented and competitive online advertising market in China where many firms vie for advertiser spend and media inventory.

Its competitive strengths include a broad and diverse advertiser base spanning multiple industries, established relationships with a wide range of media outlets, authorized agency status with popular platforms such as the Super Huichuan network, and an experienced management team that understands local market dynamics.

These factors enable the company to offer a variety of ad formats and to negotiate favorable terms with both advertisers and media partners.

The company serves advertisers from sectors including ecommerce, online education, online travel, financial services, online gaming, car services, and other advertising agencies.

In 2025 gross billings by industry were $13.0 million (71.0 percent) from ecommerce, $3.5 million (19.0 percent) from online travel, $0.7 million (3.5 percent) from car services, $0.7 million (3.5 percent) from third party advertising agencies, and smaller amounts from other sectors.

Its five largest customers in 2025 were Shenzhen Oriental Modern Information Technology Co., Ltd. (43.0 percent of revenue), Beijing Dajia Network Information Technology Co., Ltd. (19.3 percent), Ctrip Network Technology (Shanghai) Co., Ltd. (16.6 percent), Guazi Automobile Service (Tianjin) Co., Ltd. (2.8 percent), and Beijing Quna Software Technology Co., Ltd. (2.2 percent).

When acting as an authorized agency, the company also treats media platforms as customers for the rebates and incentives it receives.