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Fintech News reported on August 8th that after almost a month of advancing its sinking plan by partnering with Meituan, Focus Media Information Technology (002027.SZ) announced that its revenue and net profit have grown at double-digit rates in the first half of this year.

Today, Focus Media Information Technology released its 2024 interim report. In the first half of the year, the company achieved revenue of 5.967 billion yuan, up 8.17% year-on-year, and net income attributable to shareholders of 2.493 billion yuan, up 11.74% year-on-year.

Focus Media Information Technology's business is primarily focused on building media advertising placement and cinema screen advertising placement services, with its main clients coming from the daily consumer goods industry. In the first half of the year, the overall recovery of the domestic film market fell short of expectations, particularly in the second quarter, when the large cap index performed poorly. However, Focus Media Information Technology's cinema media revenue grew by 20.75% compared to the same period last year.

Regarding this, Focus Media Information Technology recently stated that the cinema media market is influenced by many factors, not only related to box office and viewership, but also affected by the popularity of the consumer market and the prosperity of the advertising market.

Compared to cinema media, building media advertising is still the main revenue generator for Focus Media Information Technology. The building media revenue in the first half of the year was 5.505 billion yuan, accounting for 92.26% of the company's total revenue.

In the first half of this year, the economic recovery trend continued, and the advertising market recovered in sync. However, the scale of both the offline advertising market and the outdoor advertising market has not yet returned to the level of 2019. Based on this, Focus Media Information Technology has started to focus on exploring incremental growth in overseas and sinking markets in recent years.

According to financial report data, as of July 31, 2024, Focus Media Information Technology's number of elevator TV media in third-tier and lower cities has reached 930,000, an increase of 45.3% compared to the end of last year. The number of overseas elevator TV media and elevator poster media has increased by 14.7% and 18.8%, respectively, compared to the end of last year.

Last month, Focus Media Information Technology's partnership with Meituan attracted market attention. Focus Media Information Technology previously stated that its business cooperation with Meituan is limited to third- and fourth-tier cities and has not yet considered further cooperation in first- and second-tier cities. It is currently in its trial phase. Institutional insiders told the Fintech News reporter that considering Meituan's local business resources, the partnership between the two will help Focus Media Information Technology penetrate small and medium-sized clients in low-tier cities and is expected to improve the proportion of low-tier city ad placements and revenue contributions.

Looking ahead to the second half of the year, Focus Media Information Technology stated that with the continuous advancement of the state's series of policies to expand domestic demand and promote sales expenses, confidence in consumption and demand for consumption will be effectively boosted and released. In the future, the company will continue to maintain steady and sustained growth in performance through technological innovation and service iteration.

Upon the release of the financial report, Focus Media Information Technology also announced its 2024 interim dividend distribution plan, proposing to distribute a cash dividend of 1.00 yuan (including tax) per 10 shares to all shareholders, with a total distribution of 1.444 billion yuan, accounting for 57.92% of the company's net profit attributable to shareholders in the first half of the year.