NewTimeSpace | IPO Decoding: Easy Click Files for Hong Kong Listing, AI Empowers Chinese Enterprises' Global Expansion
On March 26, Easy Click Worldwide Network Technology Co., Ltd. submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities serving as the sole sponsor. As a digital marketing service provider dedicated to empowering Chinese enterprises' global expansion, Easy Click offers end-to-end marketing solutions through its proprietary systems (Cyberklick, Yeahmobi and zMaticoo). According to China Insights Consultancy, based on total transaction value in 2024, the company ranked fourth among Chinese digital marketing service providers for enterprises' global expansion, and third among global independent third-party mobile advertising platforms targeting the Chinese market.
On March 26, Easy Click Worldwide Network Technology Co., Ltd. submitted a listing application to the Hong Kong Stock Exchange (HKEX), with CITIC Securities serving as the sole sponsor. The company was listed on the Growth Enterprise Market (GEM) of the Shenzhen Stock Exchange in August 2022 (301171.SZ), and this application aims to expand its international financing channels. As a digital marketing service provider focusing on empowering Chinese enterprises' global expansion, Easy Click offers end-to-end marketing solutions through its proprietary systems (Cyberklick, Yeahmobi and zMaticoo). According to China Insights Consultancy, the company ranked fourth among Chinese global expansion digital marketing service providers in 2024 by total transaction value, and third among global independent third-party mobile advertising platforms serving the Chinese market.
Integrated Marketing Services is the company’s traditional core strength. Through the Cyberklick platform, the company plans and executes advertising campaigns for clients on major media platforms including Google and Meta. Leveraging in-depth understanding of clients’ brand positioning, product features, target audiences and regional KPIs, it employs data-driven and AI-assisted marketing planning and performance optimization. As of the Latest Practicable Date, the company has assisted clients in advertising on more than 30 major media platforms. Revenue from this segment grew by 51.6% from RMB 863 million in 2023 to RMB 1.308 billion in 2024, and further rose to RMB 1.954 billion in 2025, serving as the key driver of the company’s revenue growth.
Advertising Platform Services is the company’s technology-driven business. Through the Yeahmobi and zMaticoo platforms, the company enables intelligent connection between advertisers and media channels. Yeahmobi focuses on target audience matching and advertising budget allocation, while zMaticoo, via its self-built advertising exchange platform zMaticoo ADX, allows clients to bid for advertising inventory in real time and launch campaigns. As of the Latest Practicable Date, the company has connected its advertising platform with over 600,000 media channels. Revenue from this segment remained relatively stable at RMB 1.274 billion in 2023 and grew to RMB 1.838 billion in 2025, forming a dual-driven growth pattern with integrated marketing services.
Notably, the company is continuously deepening the application of AI technology. It launched the AI-powered advertising platform zMaticoo in 2023 and the AIGC digital marketing creative platform in 2025, integrating AI into the end-to-end marketing service workflow. As of the end of 2025, the company had 298 R&D personnel, accounting for 26.8% of its total workforce. R&D expenditure increased from RMB 86.71 million in 2023 to RMB 159 million in 2025, representing a compound annual growth rate (CAGR) of 35.6%.
In terms of customer and supplier structure, the revenue share of the company’s top five customers rose from 21.5% in 2023 to 29.9% in 2025, and the share of the largest customer increased from 5.2% to 12.4%. While customer concentration has risen, it remains generally controllable. The company has a high supplier concentration, with the procurement share of the top five suppliers standing at around 80%. The share of the largest supplier decreased from 38.8% to 30.7%, with the main procurement targets being leading media platforms such as Google and Meta.
In terms of revenue, the company grew from RMB 2.143 billion in 2023 to RMB 2.547 billion in 2024 (a year-on-year increase of 18.8%), and further surged by 50.4% to RMB 3.83 billion in 2025, with a two-year CAGR of 33.7%. The revenue growth was mainly driven by increased advertising spending from clients and a larger customer base, reflecting market recognition of its advertising effectiveness.
Gross profit was RMB 522 million, RMB 473 million and RMB 549 million in 2023, 2024 and 2025 respectively. The gross margin declined from 24.4% in 2023 to 18.6% in 2024, and further dropped to 14.3% in 2025. The margin contraction was mainly attributed to two factors: first, the company adopted competitive marketing strategies and took proactive margin concessions to gain market share; second, rising employee costs and media costs within sales costs. Media costs constitute the largest component of sales costs, accounting for over 90% at all times, which is directly linked to the company’s business model. When clients purchase media traffic through the company, the company pays traffic fees to media platforms and charges corresponding fees to clients, with revenue and costs recognized simultaneously.
In terms of expense management, the company maintained strong cost control capabilities. The ratio of sales and marketing expenses to revenue fell from 1.9% to 1.7%, and the ratio of administrative expenses dropped from 6.5% to 5.0%, reflecting economies of scale. R&D investment continued to increase, with 2025 R&D expenditure up 74.3% year-on-year, mainly used for advertising algorithm optimization and AI technology development.
Net profit was RMB 214 million, RMB 230 million and RMB 155 million in 2023, 2024 and 2025 respectively, with the net profit margin declining from 10.0% to 4.0%. The 2025 net profit decrease was mainly affected by the gross margin contraction and changes in income tax (an income tax credit was recorded in 2024, while income tax expenses were incurred in 2025).
The niche market of "Chinese enterprises' global expansion", in which the company has deep expertise, is facing structural opportunities. Amid intensified competition in the domestic market, an increasing number of brands are targeting overseas markets as growth drivers. With years of accumulated media resources, technical capabilities and industry experience, Easy Click has become an important digital marketing service provider for global expansion enterprises. The company has been recognized as a "National Key Enterprise for Cultural Export" by the Ministry of Commerce and other authorities for eight consecutive years, reflecting its industry status in promoting the global expansion of Chinese culture and products.
In terms of competitive landscape, the global digital marketing service market features a coexistence of "leading media platforms and independent third-party platforms". As an independent third-party platform, Easy Click does not own its own media traffic, but connects advertisers and media channels through technical capabilities. Its value lies in improving advertising placement efficiency via data insights and AI optimization. The company has established long-term partnerships with leading media platforms including Google and Meta, and built connections with over 600,000 media channels, forming a comprehensive media coverage network.
Business Model: Dual-Driven Growth, AI Empowers Digital Marketing
Easy Click’s business model revolves around two core business lines, covering the entire process from traffic acquisition to advertising placement.Integrated Marketing Services is the company’s traditional core strength. Through the Cyberklick platform, the company plans and executes advertising campaigns for clients on major media platforms including Google and Meta. Leveraging in-depth understanding of clients’ brand positioning, product features, target audiences and regional KPIs, it employs data-driven and AI-assisted marketing planning and performance optimization. As of the Latest Practicable Date, the company has assisted clients in advertising on more than 30 major media platforms. Revenue from this segment grew by 51.6% from RMB 863 million in 2023 to RMB 1.308 billion in 2024, and further rose to RMB 1.954 billion in 2025, serving as the key driver of the company’s revenue growth.
Advertising Platform Services is the company’s technology-driven business. Through the Yeahmobi and zMaticoo platforms, the company enables intelligent connection between advertisers and media channels. Yeahmobi focuses on target audience matching and advertising budget allocation, while zMaticoo, via its self-built advertising exchange platform zMaticoo ADX, allows clients to bid for advertising inventory in real time and launch campaigns. As of the Latest Practicable Date, the company has connected its advertising platform with over 600,000 media channels. Revenue from this segment remained relatively stable at RMB 1.274 billion in 2023 and grew to RMB 1.838 billion in 2025, forming a dual-driven growth pattern with integrated marketing services.
Notably, the company is continuously deepening the application of AI technology. It launched the AI-powered advertising platform zMaticoo in 2023 and the AIGC digital marketing creative platform in 2025, integrating AI into the end-to-end marketing service workflow. As of the end of 2025, the company had 298 R&D personnel, accounting for 26.8% of its total workforce. R&D expenditure increased from RMB 86.71 million in 2023 to RMB 159 million in 2025, representing a compound annual growth rate (CAGR) of 35.6%.
In terms of customer and supplier structure, the revenue share of the company’s top five customers rose from 21.5% in 2023 to 29.9% in 2025, and the share of the largest customer increased from 5.2% to 12.4%. While customer concentration has risen, it remains generally controllable. The company has a high supplier concentration, with the procurement share of the top five suppliers standing at around 80%. The share of the largest supplier decreased from 38.8% to 30.7%, with the main procurement targets being leading media platforms such as Google and Meta.
Financial Performance: Rapid Revenue Growth, Short-Term Margin Pressure
Financial data shows that Easy Click is in a phase of business expansion, with revenue maintaining rapid growth, but gross margins facing pressure due to competitive strategies.In terms of revenue, the company grew from RMB 2.143 billion in 2023 to RMB 2.547 billion in 2024 (a year-on-year increase of 18.8%), and further surged by 50.4% to RMB 3.83 billion in 2025, with a two-year CAGR of 33.7%. The revenue growth was mainly driven by increased advertising spending from clients and a larger customer base, reflecting market recognition of its advertising effectiveness.
Gross profit was RMB 522 million, RMB 473 million and RMB 549 million in 2023, 2024 and 2025 respectively. The gross margin declined from 24.4% in 2023 to 18.6% in 2024, and further dropped to 14.3% in 2025. The margin contraction was mainly attributed to two factors: first, the company adopted competitive marketing strategies and took proactive margin concessions to gain market share; second, rising employee costs and media costs within sales costs. Media costs constitute the largest component of sales costs, accounting for over 90% at all times, which is directly linked to the company’s business model. When clients purchase media traffic through the company, the company pays traffic fees to media platforms and charges corresponding fees to clients, with revenue and costs recognized simultaneously.
In terms of expense management, the company maintained strong cost control capabilities. The ratio of sales and marketing expenses to revenue fell from 1.9% to 1.7%, and the ratio of administrative expenses dropped from 6.5% to 5.0%, reflecting economies of scale. R&D investment continued to increase, with 2025 R&D expenditure up 74.3% year-on-year, mainly used for advertising algorithm optimization and AI technology development.
Net profit was RMB 214 million, RMB 230 million and RMB 155 million in 2023, 2024 and 2025 respectively, with the net profit margin declining from 10.0% to 4.0%. The 2025 net profit decrease was mainly affected by the gross margin contraction and changes in income tax (an income tax credit was recorded in 2024, while income tax expenses were incurred in 2025).
Market Outlook: Sustained Growth of Global Digital Marketing, Expansion of Globalization Creates Room for Growth
The global mobile advertising services market where Easy Click operates is expanding steadily. According to China Insights Consultancy, the market size grew from US$241.2 billion in 2019 to US$503.9 billion in 2024, with a CAGR of 15.9%, and is expected to reach US$854.9 billion by 2029, with a CAGR of 11.2%. The growth is mainly driven by the improvement of digital penetration and the continuous shift of advertising budgets from offline to online.The niche market of "Chinese enterprises' global expansion", in which the company has deep expertise, is facing structural opportunities. Amid intensified competition in the domestic market, an increasing number of brands are targeting overseas markets as growth drivers. With years of accumulated media resources, technical capabilities and industry experience, Easy Click has become an important digital marketing service provider for global expansion enterprises. The company has been recognized as a "National Key Enterprise for Cultural Export" by the Ministry of Commerce and other authorities for eight consecutive years, reflecting its industry status in promoting the global expansion of Chinese culture and products.
In terms of competitive landscape, the global digital marketing service market features a coexistence of "leading media platforms and independent third-party platforms". As an independent third-party platform, Easy Click does not own its own media traffic, but connects advertisers and media channels through technical capabilities. Its value lies in improving advertising placement efficiency via data insights and AI optimization. The company has established long-term partnerships with leading media platforms including Google and Meta, and built connections with over 600,000 media channels, forming a comprehensive media coverage network.
Conclusion
Easy Click’s application for a Hong Kong listing demonstrates the strategic layout of a digital marketing service provider focusing on the Chinese enterprises' global expansion niche, aiming to expand international financing channels after its A-share listing. Driven by the dual engine of integrated marketing and advertising platforms, and with continuous investment in AI technology to optimize placement efficiency, the company has maintained rapid revenue growth. Although gross margins have been under pressure in the short term due to competitive strategies, the company has achieved excellent expense control and a growing customer base. Against the backdrop of sustained growth in global digital marketing demand and the booming trend of Chinese enterprises' global expansion, as a leading service provider in this field, Easy Click is expected to continue benefiting from this long-term trend through its accumulated technical capabilities and media resources.NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.
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