Qunabox Group (917) H1 2025 earnings summary

Executive summary

• H1 2025 revenue rose 31.3% YoY to RMB676.2m and gross profit increased 37.0% to RMB385.5m; profit was RMB128.4m versus a prior-year loss of RMB1,846.2m.

• Marketing services led growth, supported by higher customer contributions, expanded terminal coverage and continued AI investment; strategy is “AI + Consumption Scenarios.”

Financial highlights

• Revenue was RMB676.2m, up 31.3% YoY; gross profit rose 37.0% to RMB385.5m and gross margin increased to 57.0% from 54.6%.

• Profit was RMB128.4m versus a RMB1,846.2m loss in H1 2024; the comparative loss included a non-cash, one-time RMB1,899.4m preferred-share fair-value charge.

• EBITDA was RMB175.8m versus negative RMB1,805.1m; basic and diluted EPS were RMB0.47 and RMB0.41, respectively, versus a loss per share of RMB13.71.

• Cost of sales increased 24.4% to RMB290.7m, below revenue growth; R&D expense rose 107.7% to RMB77.8m, selling and distribution expenses rose 21.7% to RMB172.7m, and administrative expenses fell 31.3% to RMB24.9m.

Outlook and guidance

• Priorities include continued “AI + Consumption Scenarios” development, investment in AI interaction and one-stop marketing solutions for global brands.

• Middle East AI indoor entertainment plans focus on project completion, operating validation, single-store model optimization and standardized systems and supply-chain support ahead of potential global expansion.

• Strategic M&A and ecosystem integration are planned to expand business boundaries and support high-quality growth; no numerical financial guidance was stated.