Baosheng Media Group is a China-based online advertising agency that helps advertisers plan, place, and optimize digital ad campaigns across search engines, short-video platforms, news feeds, and social media. Baosheng sits between advertisers and media platforms, acting as an authorized agency — it does not own or operate any media platforms itself. Baosheng's advertiser base spans e-commerce, online travel, gaming, education, and car services, though the business is highly concentrated, with the top five advertisers accounting for 83% of gross billings. Baosheng earns revenue through two models: rebates from media platforms (roughly 86% of revenue), where Baosheng earns a percentage of the ad spend it channels to a platform and nets out any rebates passed back to advertisers; and net fees from advertisers (roughly 14% of revenue), where Baosheng charges advertisers a gross fee for procuring ads and reports only the net margin. Because Baosheng acts as an agent in both models, net revenue is a small fraction of gross billings. The business is asset-light, with staff costs as the primary cost of sales, though working capital management is important as Baosheng pays media on behalf of advertisers, often on shorter payment timelines than it collects from advertisers. Baosheng's authorized agency status with media platforms is central to its business model, as it grants access to ad inventory and entitles Baosheng to rebates. Baosheng operates exclusively in China, with operations based primarily in Beijing.