Baosheng Media Group Holdings Limited operates as an online advertising intermediary in China, connecting advertisers with media publishers across search engines, social media platforms, and mobile apps. The company generates revenue through two channels: rebates and incentives earned when it procures advertisers for publishers, and net service fees charged to advertisers after deducting media costs incurred on their behalf. The business serves Chinese advertisers across education technology, e-commerce, and online services, but faces structural challenges including thin profit margins, reliance on publisher credit terms and rebate policies beyond its control, significant advertiser credit risk, and working capital constraints that limit its competitive position in a market dominated by larger platforms and agencies.