— Qunabox Group (00917.HK) recently announced its interim results for the first half of 2026, and on August 24, West Bull Securities initiated coverage with a “Buy” rating and a target price of HK$16.61, highlighting AI-customized marketing as a new profit growth engine.
For the six months ended June 30, 2026 (the “Reporting Period”), the Group reported revenue of RMB826.5 million, a year-on-year increase of 22.2%, and profit for the period of RMB167.3 million, up 30.3% year-on-year, with net profit margin reaching 20.2%.
Behind these figures lies a material strategic shift: the Group has upgraded its core strategy from “AI + Marketing” to “AI + Consumption Scenarios,” consolidating its technology capabilities into the “Omni-sensory Physical AI Agent” capability system. Notably, AI interactive marketing services — a high gross profit margin growth driver — achieved revenue of RMB 131.6 million, representing a year-on-year increase of 101.9%, with a gross profit margin of 93.3%. Through the systematic implementation of the “1+1+2” technology architecture and disciplined expense management, the Group has established a virtuous cycle of “technology investment — commercial implementation — profit release“.
AI Interactive Marketing Services: The Commercial Validation of the Omni-sensory Physical AI Agent
Within the broader “AI + Consumption Scenarios” narrative, AI interactive marketing services under AI customized marketing services have emerged as the most immediate and measurable commercialization vector. The Interim Results Announcement discloses that revenue from AI interactive marketing services reached RMB131.6 million in the Reporting Period, a year-on-year increase of 101.9%, with its proportion of the Group’s marketing services revenue rising to 18.2% from 11.5% in the first half of 2025.
What does this signify? Against the backdrop of total brand customers increasing by 57.3% year-on-year to 236, the number of brand customers using AI interactive marketing services reached 51, a year-on-year increase of 96.2%. The penetration rate among brand customers stood at 21.6%, up 4.3 percentage points from the corresponding period last year. This data indicates that AI interactive marketing services are accelerating from a novel offering to a standardized operational tool for brand customers.
From a commercial model perspective, AI interactive marketing services have demonstrated substantial margin strength. The gross profit margin reached 93.3%, an increase of 2.4 percentage points year-on-year. Notably, while the total number of KA customers (key account customers) remained stable at 29, average revenue per KA customer increased from RMB16.2 million to RMB19.0 million, up 17.6% year-on-year. The penetration rate of AI interactive marketing services among brand customers — approximately 21.6% — leaves considerable room for expansion. In terms of category coverage, the Group has built its foundation on fast-moving consumer goods (“FMCG”) categories characterized by frequent new product launches, and successfully extended into higher-value categories including household appliances and cosmetics.
A more structural commercial logic underpins this growth. Leveraging Physical AI technology, the Group has elevated new product marketing from one-off campaign placements to a full-lifecycle continuous operations chain, encompassing five core modules: new product testing, market scaling, brand mindshare maintenance, user interaction, and member accumulation. At the Group’s terminal network, on-site user preferences, scenario feedback, and conversion performance are captured in real time as trackable, reviewable, and reusable data assets — transforming what was once a single-transaction exposure metric into enduring user behavioral assets for brand customers.
The “1+1+2” Architecture: A Complete Technical Breakdown
If AI interactive marketing services represent the Group’s offensive capability, the “1+1+2” technology architecture constitutes the foundational system supporting sustained deployment. To underpin the “AI + Consumption Scenarios” strategy, Qunabox Group has engineered a comprehensive technology stack:
- One foundation: The AI-Omni domain-adaptive multimodal foundation model, providing underlying computational and cognitive capabilities for all scenario applications.
- One intelligent agent: The Q-Agent on-device fully autonomous marketing agent, serving as the central brain for autonomous decision-making and task orchestration.
- Two engines: The Q-Sense omni-sensory multimodal interaction engine and the Q-Gen generative spatial narrative engine, jointly enabling precise perception and content generation.
The core value of this architecture lies in establishing an edge intelligence closed loop capable of efficient on-device execution. This transformation elevates the Group’s offline terminals from traditional display, playback, or basic interaction hardware to Physical AI agents endowed with six core capabilities: environmental perception, user understanding, resource orchestration, content generation, interactive execution, and feedback accumulation.
As the “1+1+2” architecture matures, the nature of the Group’s research and development (“R&D”) expenditure has undergone a fundamental shift. R&D resources are increasingly directed toward scenario-specific adaptation and fine-tuning on the existing technology foundation, rather than building the foundation from scratch. This shift means that marginal investment no longer scales linearly with the number of product categories and scenarios served, laying a cost advantage for future scale expansion. As of the end of the Reporting Period, the Group had accumulated 173 registered software copyrights in China, 28 authorized patents, and 133 patent applications pending, constituting a substantial technology moat.
The Second Growth Driver: Physical AI Entertainment’s Overseas Expansion
While consolidating its B2B marketing services base, Qunabox Group is actively cultivating Physical AI entertainment as its second growth driver. Based on the Group’s technology accumulation in omni-sensory interaction, spatial narrative, and on-device agents, the Group is extending its Physical AI capabilities from B2B marketing scenarios to C-end experiential paid scenarios.
During the Reporting Period, the Group established business entities in the Middle East (Dubai) and Singapore respectively and obtained the relevant local business licenses. Affected by changes in the macro environment and project implementation conditions in the Middle East region, the Group has dynamically optimized the pace of its overseas resource allocation, prioritizing Singapore as the initial deployment market. The Group plans to create a Physical AI entertainment space integrating glasses-free 3D, multi-user collaboration, real-time interaction, and immersive content experiences. Overseas high-value consumption markets including Dubai and Australia have also been incorporated into the strategic deployment framework. This positioning marks a material expansion of the Group’s long-term growth addressable market.
Contact Info:
Name: Young Xu
Email: Send Email
Organization: Qunabox Group
Website: http://www.zzss.com
Release ID: 89201546
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