Notes|2Q25 Ad Interview Series: CN Agency A

META, META AMM, GOOG AI Overview, APP D28, Unity's New Algorithm

We begin publishing our advertising industry research, with the first batch of experts including two North American agency specialists, two Chinese agency specialists, and one European agency specialist.

Our first expert comes from BlueFocus, one of China's largest advertising agencies, which was also mentioned as a Chinese partner in Culper's latest short report on AppLovin published on June 12.

This expert manages over $6 billion in advertising budgets, with clients primarily from gaming and internet applications. Gaming accounts for over 55% of their total budget, while e-commerce and DTC brands represent approximately 10%.

META

Ad Growth

• The expert's META advertising grew 10% YoY in 2024, with Q4 2024 also growing 10% YoY.

• In early March interviews, the expert estimated Q1-Q4 2025 YoY growth at 12%/15%/8%/12% respectively.