> **来源：[研报客](https://pc.yanbaoke.cn)** # Qunabox Group (00917.HK) Summary ## Core Content Qunabox Group (00917.HK) is a leading China-based physical AI marketing service provider. The company utilizes its self-operated, offline smart-terminal network to deploy its "Omni-sensory Physical AI Agent" technology system, offering integrated smart-marketing solutions to FMCG brands across new-product marketing scenarios. This system combines physical touchpoints with digital engagement, enabling brands to enhance product exposure, sampling efficiency, and consumer interaction through AI-driven capabilities. ## Main Viewpoints - **AI Customized Marketing Services**: This is the Group's core growth driver, offering high-margin (over 90%) value-added solutions with immersive, interactive experiences. It is expected to grow by approximately 50% in 2026 and become the primary revenue growth engine from 2026 to 2028. - **AI Standard Marketing Services**: These remain the main revenue source, with a gross margin of around 55%–56%. They provide a base for brand awareness and customer acquisition but are less profitable compared to AI Customized Services. - **Smart Terminal Network**: The Group operates over 7,000 vending machines across 22 cities, focusing on Tier-1 and Tier-2 urban areas. These terminals integrate AI interaction, product display, and data collection functions, offering a "technology + data" combined product. - **Revenue Growth**: In 1H 2026, the Group's total revenue reached RMB826mn, with AI Customized Services accounting for 16.1% of total revenue. The average annual revenue per terminal increased from RMB59,000 in 2021 to RMB231,000 in 2025, reflecting improved operating efficiency. - **Valuation and Recommendation**: The company is initiated with a "Buy" rating and a target price of HK\$16.61, based on its high-margin AI Customized Services and low-capital-intensity business model. The current valuation is seen as attractive given the potential for re-rating once the market recognizes its unique strengths. ## Key Information ### Business Overview - **Services Offered**: - Marketing Services (AI Standard + AI Customized) - Product Sales (FMCG products to individual consumers) - Other Services (IT system development) - **Terminal Features**: - Dual visual-interaction cameras - HD touchscreen with split display - Voice-interaction module - Fragrance-spray module - RGB ambient lighting - Dynamic product lanes - AI industrial control console - **Client Base**: - 236 brand clients in 1H 2026 - 51 clients using AI services, representing 21.6% of total clients - **Revenue Breakdown (1H 2026)**: - Marketing Services: RMB724.9mn - AI Standard: RMB591.5mn - AI Customized: RMB133.4mn - Product Sales: Not specified - Other Services: Not specified ### Financial Highlights - **Revenue Growth**: - RMB1,663.2mn in 2025 - Projected to reach RMB2,654.4mn by 2028 - **Gross Margin**: - 57.3% in 2021 - 59.3% in 1H 2026 - Expected to rise to 63.5% by 2028 - **Profitability**: - Gross profit in 1H 2026: RMB953.3mn - Profit attributable to shareholders: RMB285.7mn in 2025 ### Strategic Positioning - **Technology Stack**: - AI-Omni (foundation) - Q-Agent (edge-side decision-making hub) - Q-Sense (multimodal interaction engine) - Q-Gen (generative spatial-narrative engine) - **Market Differentiation**: - Focus on "one strategy per location" and "one face per machine" - Combines physical and digital touchpoints into a closed-loop service ### Competitive Landscape - **Top Outdoor Advertisers (2024)**: - Focus Media: 14.5% - JCDecaux China: low single digits - Xinchao Media: acquired by Focus Media in 2025 - **Market Trends**: - Outdoor video advertising is growing faster than print - AI is becoming a core driver of digitalization - Residential community and commercial-building scenarios are expected to grow faster ### Industry Opportunities and Challenges - **Opportunities**: - Higher growth in residential and commercial scenarios - Increasing adoption of AI and interactive media - **Challenges**: - Slower-than-expected growth in traditional outdoor ad spend, especially in beverages and food - Intensifying competition from traditional outdoor ad leaders - Uncertainty in overseas AI indoor entertainment projects ### Key Risks - AI service penetration may be slower than expected - Continued contraction in outdoor ad spend for legacy FMCG categories - Intensifying competition from established players - Slow progress in overseas expansion ## Conclusion Qunabox Group is well-positioned to capitalize on the AI-driven transformation of the offline advertising and retail sectors. With a focus on high-margin AI Customized Marketing Services and a scalable, low-capital-intensity model, the Group is expected to see significant earnings growth over the next few years. Despite current challenges and risks, the company's unique technology stack and operational efficiency suggest a strong potential for re-rating.