2025年中国GEO产业格局：AI大模型驱动下64.70%市场集中度与数字营销基础设施新定位

引言

近年来，生成式引擎优化（GEO）A content optimization strategy for generative AI search engines, focusing on making content understandable and recommendable by AI systems.作为AI时代数字营销核心基础设施的战略定位日益明确。全球领先的新经济产业第三方数据挖掘和分析机构iiMedia Research（艾媒咨询）最新发布的《2025年中国GEO产业发展状况及重点企业大数据监测报告》显示，2025年中国AI大模型A deep learning model with massive parameters (billions to trillions) trained on vast datasets, known for strong generalization and multi-task potential.市场规模达495.39亿元，同比大幅增长68.40%，实现跨越式发展。在AI大模型A deep learning model with massive parameters (billions to trillions) trained on vast datasets, known for strong generalization and multi-task potential.产业高速发展的带动下，GEO概念板块的行业格局也呈现出鲜明特征。2025年前三季度，该板块营收前三的企业合计占据行业营收的64.70%，行业营收集中度衡量行业市场集中程度的指标，GEO板块前三名企业营收占比达64.70%，显示较高集中度。处于较高水平。

In recent years, the strategic positioning of Generative Engine Optimization (GEO) as the core infrastructure for digital marketing in the AI era has become increasingly clear. The latest report, “Analysis Report on the Operating Data of Chinese GEO Concept-Related Listed Companies in 2025,” released by iiMedia Research (a leading third-party data mining and analysis institution in the new economy industry), reveals that the market size of AI large models in China reached RMB 49.539 billion in 2025, representing a significant year-on-year growth of 68.40% and achieving leapfrog development. Driven by the rapid growth of the AI large model industry, the competitive landscape of the GEO concept sector has also exhibited distinct characteristics. In the first three quarters of 2025, the combined revenue of the top three companies in this sector accounted for 64.70% of the industry’s total revenue, indicating a high level of market concentration.

艾媒咨询分析师据此指出，当前GEO市场格局已趋于稳固，头部企业的竞争优势正持续扩大。从板块内企业的发展特征来看，相关企业普遍布局广告、数字营销、内容制作等多个领域，既展现出较强的业务多元性，也形成了健康的营收结构。同时，企业营收规模与其发展阶段高度关联，头部企业多处于发展成熟期，具备显著的市场竞争力，这也进一步夯实了GEO作为AI时代数字营销核心基础设施的行业定位。

Analysts from iiMedia Research point out that the current GEO market landscape has stabilized, with the competitive advantages of leading enterprises continuing to expand. Examining the development characteristics of companies within this sector, related enterprises typically have a presence across multiple fields such as advertising, digital marketing, and content production. This not only demonstrates strong business diversification but also contributes to a healthy revenue structure. Furthermore, a company’s revenue scale is highly correlated with its development stage. Leading enterprises are mostly in a mature phase of development and possess significant market competitiveness, which further solidifies GEO’s industry positioning as the core infrastructure for digital marketing in the AI era.

核心概念与市场规模

GEO概念定义与类型划分

GEO（Generative Engine Optimization）即生成式引擎优化，是伴随生成式人工智能（AIGC）和大模型技术发展而兴起的新兴领域。它专注于优化内容、产品和服务在生成式AI引擎（如对话式搜索、内容生成平台）中的可见性、相关性和表现，是传统SEO在AI时代的重要演进。

GEO (Generative Engine Optimization) refers to the optimization of content, products, and services for visibility, relevance, and performance within generative AI engines (such as conversational search and content generation platforms). It is an emerging field driven by the development of Generative AI (AIGC) and large language models, representing a significant evolution of traditional SEO in the AI era.

相关市场规模

中国人工智能行业市场规模不断扩大，AI技术对各行各业的渗透率在不断提升，应用场景广泛。数据显示，2024年中国人工智能行业市场规模达7470亿元，同比增长41.0%，2025年达10457亿元，占全球比重达20.9%。

The market size of China’s artificial intelligence industry continues to expand, with AI technology penetration increasing across various sectors and finding widespread application scenarios. Data shows that the market size of China’s AI industry reached RMB 747 billion in 2024, a year-on-year increase of 41.0%, and is projected to reach RMB 1,045.7 billion in 2025, accounting for 20.9% of the global share.

iiMedia Research（艾媒咨询）数据显示，2025年中国AI大模型A deep learning model with massive parameters (billions to trillions) trained on vast datasets, known for strong generalization and multi-task potential.市场规模已达到495.39亿元，同比增长68.40%，实现显著增长。艾媒咨询分析师认为，随着技术迭代持续推进，多模态整合能力不断提升，大模型在各行业的渗透率也不断升高，中国AI大模型A deep learning model with massive parameters (billions to trillions) trained on vast datasets, known for strong generalization and multi-task potential.将迎来爆发式发展阶段。

Data from iiMedia Research shows that the market size of AI large models in China reached RMB 49.539 billion in 2025, a significant year-on-year growth of 68.40%. Analysts believe that with continuous technological iteration, improving multimodal integration capabilities, and increasing penetration across industries, China’s AI large model sector is poised for an explosive growth phase.

GEO板块企业竞争格局分析

市值TOP10企业

监测数据显示，GEO板块市值前三名企业依次为：同花顺（1963.21亿元）、巨人网络（963.70亿元）、三六零（876.34亿元）。艾媒咨询分析师认为，头部企业市值分布较为集中，前三名占比近50%，显示出行业龙头效应明显。从主营业务看，前三名企业分别聚焦于金融信息服务、网络游戏和互联网安全，市值结构合理。这反映出行业发展较为成熟，竞争格局相对稳定，龙头企业在各自细分领域具有较强的市场控制力。

Monitoring data shows that the top three companies in the GEO sector by market capitalization are: Tonghuashun (RMB 196.321 billion), Giant Network (RMB 96.370 billion), and 360 Security Technology (RMB 87.634 billion). Analysts note that market capitalization is highly concentrated among leading firms, with the top three accounting for nearly 50%, indicating a pronounced industry leader effect. In terms of core business, the top three companies focus on financial information services, online gaming, and internet security, respectively, reflecting a reasonable market cap structure. This suggests a relatively mature industry with a stable competitive landscape, where leading enterprises possess strong market control in their respective niches.

营收TOP10企业

监测数据显示，GEO板块营收前三名企业依次为：蓝色光标（510.98亿元）、省广集团（147.93亿元）、利欧股份（144.54亿元）。艾媒咨询分析师认为，头部企业营收分布显示蓝色光标占据绝对优势，营收集中度衡量行业市场集中程度的指标，GEO板块前三名企业营收占比达64.70%，显示较高集中度。较高，前三名占比达到64.70%，市场地位稳固。主营业务涵盖广告、数字营销、内容制作等，反映了行业营收结构的多元化和健康度。营收规模与企业发展阶段关联性强，头部企业多为成熟期，市场竞争力显著。

Monitoring data shows that the top three companies in the GEO sector by revenue are: BlueFocus Communication Group (RMB 51.098 billion), Provincial Advertising Group (RMB 14.793 billion), and Leo Group (RMB 14.454 billion). Analysts observe that BlueFocus holds an absolute advantage in revenue among leading firms, with high concentration—the top three account for 64.70% of sector revenue—indicating solid market positions. Their main businesses cover advertising, digital marketing, and content production, reflecting diversification and health in the industry’s revenue structure. Revenue scale is strongly correlated with a company’s development stage; leading enterprises are mostly in a mature phase and demonstrate significant market competitiveness.

利润与利润增速TOP10企业

利润分布：
监测数据显示，GEO板块利润前三名企业依次为：巨人网络（15.17亿元）、同花顺（13.93亿元）、完美世界（9.37亿元）。艾媒咨询分析师认为，头部企业利润分布显示了较高的盈利集中度，前三名企业利润合计占比超过半数，说明行业盈利能力高度集中在少数企业。整体盈利水平较高，但盈利质量存在差异，部分企业盈利能力较弱。利润分布反映了行业竞争格局的不均衡性，头部企业凭借规模和技术优势占据市场主导地位。

Profit Distribution:
Monitoring data shows the top three companies in the GEO sector by profit are: Giant Network (RMB 1.517 billion), Tonghuashun (RMB 1.393 billion), and Perfect World (RMB 937 million). Analysts indicate that profit distribution among leading firms shows high concentration, with the combined profit of the top three exceeding half of the sector’s total, meaning industry profitability is highly concentrated in a few players. While the overall profit level is high, profit quality varies, with some companies showing weaker profitability. This profit distribution reflects an imbalanced competitive landscape, where leading firms dominate the market through scale and technological advantages.

利润增速：
监测数据显示，GEO板块利润增速前三名企业依次为：完美世界（同比增速1294.90%，环比增速32.37%）、岩山科技（同比增速392.56%，环比增速1479.84%）、利欧股份（同比增速379.91%，环比增速22.79%）。艾媒咨询分析师认为，高增长企业主要集中在科技和网络领域，显示出行业创新驱动的特征。整体盈利增长态势强劲，高增长企业数量占七成，行业盈利能力显著提升。利润高增长可能由市场需求扩大、技术进步和政策支持等因素驱动。

Profit Growth Rate:
Monitoring data shows the top three companies in the GEO sector by profit growth rate are: Perfect World (YoY growth 1294.90%, QoQ growth 32.37%), Yanshan Technology (YoY growth 392.56%, QoQ growth 1479.84%), and Leo Group (YoY growth 379.91%, QoQ growth 22.79%). Analysts believe high-growth companies are primarily concentrated in the technology and internet sectors, highlighting the innovation-driven nature of the industry. The overall profit growth momentum is strong, with high-growth firms constituting 70% of the sector, indicating a significant enhancement in industry profitability. This high profit growth is likely driven by factors such as expanding market demand, technological advancements, and policy support.

研发投入与财务健康度

研发投入TOP10：
监测数据显示，GEO板块研发投入前三名企业依次为：三六零（23.57亿元）、完美世界（13.62亿元）、昆仑万维（12.11亿元）。艾媒咨询分析师认为，头部企业研发投入集中度较高，前三名企业合计占比64.63%，显示研发资源在头部企业中较为集中。行业整体研发投入水平较高，前三名企业研发投入占营收比例均超过20%，反映出行业对技术创新的重视。

Top 10 in R&D Investment:
Monitoring data shows the top three companies in the GEO sector by R&D investment are: 360 Security Technology (RMB 2.357 billion), Perfect World (RMB 1.362 billion), and Kunlun Tech (RMB 1.211 billion). Analysts note that R&D investment is highly concentrated among leading firms, with the top three accounting for 64.63% of the total, indicating that R&D resources are focused within these companies. The overall R&D investment level in the industry is high, with the top three firms’ R&D spending exceeding 20% of their revenue, reflecting the sector’s emphasis on technological innovation.

负债管控TOP10：
监测数据显示，GEO板块负债率最低前三名企业依次为：岩山科技（3.32%）、财富趋势（4.76%）、壹网壹创（6.13%）。艾媒咨询分析师认为，低负债率企业通常具有更强的财务稳健性，能减少财务费用，提高盈利能力。行业整体负债率低于行业参考值，显示整体财务杠杆水平较低，财务风险较小。低负债率在科技行业中较为合理，有利于企业保持灵活性，快速响应市场变化。

Top 10 in Liability Management:
Monitoring data shows the top three companies in the GEO sector with the lowest debt-to-asset ratios are: Yanshan Technology (3.32%), Fortune Trend (4.76%), and Ewangyichuang (6.13%). Analysts suggest that companies with low debt ratios typically possess stronger financial stability, which can reduce financial expenses and enhance profitability. The industry’s overall debt ratio is below the sector reference value, indicating a lower level of financial leverage and smaller financial risk. A low debt ratio is reasonable in the technology sector, aiding companies in maintaining flexibility and responding swiftly to market changes.

行业典型案例深度剖析

蓝色光标：营收龙头与业务结构分析

经营情况：
蓝色光标营收规模庞大，2025年前三季度累计达到510.98亿元，环比增长57.90%，显示出强劲的增长势头。利润方面，2.36亿元的利润相对较低，盈利能力有待提升。业务结构中，出海广告投放占比高达83.45%，是公司的主要收入来源，显示公司业务高度集中。全案推广服务和全案广告代理占比较小，收入质量一般。作为GEO行业企业，蓝色光标依托出海广告投放业务实现快速增长，但需关注业务多元化企业同时经营广告、数字营销、内容制作等多个相关业务领域，以分散风险并形成健康营收结构。和盈利能力提升，以应对行业竞争和市场波动。

Operational Overview:
BlueFocus Communication Group boasts a massive revenue scale, reaching a cumulative RMB 51.098 billion in the first three quarters of 2025, a quarter-on-quarter growth of 57.90%, demonstrating strong growth momentum. However, its profit of RMB 236 million is relatively low, indicating room for improvement in profitability. In terms of business structure, overseas advertising delivery constitutes a high 83.45% of revenue, representing the company’s main income source and highlighting high business concentration. Integrated promotion services and full-service advertising agency businesses account for smaller proportions, suggesting average revenue quality. As a GEO industry player, BlueFocus has achieved rapid growth relying on its overseas advertising business, but it needs to focus on business diversification and profitability enhancement to navigate industry competition and market volatility.

资产分析：
蓝色光标总资产规模稳定增长，从2024年9月的211.94亿元增至2025年9月的242.77亿元，显示企业资产规模扩张趋势。非固定资产占比维持在70%以上，符合科技行业轻资产特征科技行业的典型资产结构，非固定资产占比高（通常超过70%），有利于企业快速响应市场变化。，固定资产占比低于30%，资产结构合理。资产增长主要受非固定资产驱动，与企业业务扩张和资金周转需求相匹配。资产规模与经营规模匹配，非固定资产占比高，有利于企业快速响应市场变化，符合行业特点。

Asset Analysis:
BlueFocus’s total assets have grown steadily, increasing from RMB 21.194 billion in September 2024 to RMB 24.277 billion in September 2025, indicating an expansion trend in its asset scale. The proportion of non-fixed assets remains above 70%, aligning with the asset-light characteristic of the technology sector, while fixed assets account for less than 30%, reflecting a reasonable asset structure. Asset growth is primarily driven by non-fixed assets, matching the company’s business expansion and working capital needs. The asset scale corresponds to its operational scale, and the high proportion of non-fixed assets facilitates rapid response to market changes, which is consistent with industry characteristics.

因赛集团：规模优势与盈利挑战

经营情况：
因赛集团营收规模庞大，2025年前三季度营收已超7.5万亿元，显示出强劲的市场地位。营收增长趋势波动较大，2023年和2024年均有显著增长，2025年有所回落，但整体仍保持增长态势。而利润水平较低，盈利能力有待提升。业务结构以效果营销为主，占比65.47%，品牌管理和数字整合营销也占有一定比重，收入来源多元化。收入质量方面，效果营销业务占比高，可能面临市场波动风险。作为GEO行业企业，因赛集团的营收规模和增长趋势反映了行业整体的快速发展。但盈利水平较低，需关注成本控制和业务优化，提升盈利能力。

Operational Overview:
Insigma Group has a massive revenue scale, exceeding RMB 7.5 trillion in the first three quarters of 2025, demonstrating a strong market position. Its revenue growth trend has been volatile, with significant growth in 2023 and 2024, followed by a slight decline in 2025, yet maintaining an overall upward trajectory. However, its profit level remains low, indicating a need to enhance profitability. The business structure is dominated by performance marketing (65.47%), with brand management and digital integrated marketing also contributing, showing diversified revenue sources. In terms of revenue quality, the high reliance on performance marketing may expose the company to market volatility risks. As a GEO industry enterprise, Insigma’s revenue scale and growth trend reflect the sector’s overall rapid development. Nevertheless, the low profit level necessitates a focus on cost control and business optimization to improve profitability.

(Due to the extensive length of the original content, this analysis focuses on the introductory sections, key market data, competitive landscape, and in-depth case studies of representative leading enterprises. The report also contains detailed analyses of other companies such as Zhewen Interconnected, Yeahka, and Gravity Media, which follow a similar analytical framework covering operational performance and asset structure.)

结论与展望

本报告基于iiMedia Research的监测数据，深入剖析了2025年中国GEO概念板块的发展状况。核心结论显示，GEO市场在AI大模型A deep learning model with massive parameters (billions to trillions) trained on vast datasets, known for strong generalization and multi-task potential.浪潮的驱动下正经历高速增长与格局重塑，呈现出高集中度、强创新驱动和轻资产运营的鲜明特征。头部企业在市值、营收、利润及研发投入上均占据主导地位，市场格局趋于稳固。然而，普遍存在的“规模大、利润薄”现象，以及部分企业对单一业务线的依赖，也提示了盈利模式优化与风险分散的重要性。

This report, based on monitoring data from iiMedia Research, provides an in-depth analysis of the development status of China’s GEO concept sector in 2025. The core findings indicate that the GEO market is undergoing rapid growth and structural transformation driven by the wave of AI large models, exhibiting distinct characteristics of high concentration, strong innovation drive, and asset-light operation. Leading enterprises dominate in terms of market capitalization, revenue, profit, and R&D investment, with the market landscape stabilizing. However, the prevalent phenomenon of “large scale but thin profits,” along with some companies’ reliance on single business lines, highlights the importance of optimizing profit models and diversifying risks.

展望未来，随着多模态大模型技术持续突破与商业化应用深化，GEO作为连接AI技术与商业价值的核心环节，其基础设施地位将愈发关键。企业需在巩固技术优势的同时，着力提升盈利质量、拓展应用场景并构建更加均衡健康的业务结构，以在AI驱动的数字营销新纪元中行稳致远。

Looking ahead, as multimodal large model technology continues to advance and commercial applications deepen, GEO’s role as a core link connecting AI technology with business value will become increasingly critical. Enterprises need to focus on enhancing profit quality, expanding application scenarios, and building more balanced and healthy business structures while consolidating their technological advantages, in order to achieve sustainable and stable growth in the new era of AI-driven digital marketing.

本文内容节选自艾媒咨询发布的《2025年中国GEO产业发展状况及重点企业大数据监测报告》。完整版报告共86页，包含更全面的数据、图表及企业深度案例研究。

This article excerpts content from the “Analysis Report on the Operating Data of Chinese GEO Concept-Related Listed Companies in 2025” released by iiMedia Research. The full report comprises 86 pages, containing more comprehensive data, charts, and in-depth enterprise case studies.