Qunabox Group (917) H1 2026 earnings summary

Executive summary

• H1 2026 revenue rose 22.2% YoY to RMB826.5m; gross profit increased 27.1% to RMB489.9m and profit for the period rose 30.3% to RMB167.3m.

• Strategy shifted from “AI + Marketing” to “AI + Consumption Scenarios”; the Omni-sensory Physical AI Agent system was unveiled at WAIC 2026.

• Higher-margin AI interactive marketing and lower expense ratios supported improved profitability; cash and bank balances were RMB1,613.6m at June 30, 2026.

Financial highlights

• Revenue was RMB826.5m, up 22.2% YoY; gross profit was RMB489.9m, up 27.1%; profit for the period was RMB167.3m, up 30.3%.

• Gross margin rose 2.3 percentage points to 59.3%; net profit margin increased 1.2 percentage points to 20.2%.

• Selling, R&D and administrative expenses totaled RMB296.5m; their combined revenue ratio fell to 35.9% from 40.7%. Cost of sales rose 15.8% to RMB336.7m, below revenue growth.

• R&D expenses reached a first-half record RMB86.1m, up 10.6%; selling and distribution expenses rose 7.1% to RMB184.9m, and administrative expenses were RMB25.5m.

• Basic and diluted EPS were RMB0.63 and RMB0.57, respectively, versus RMB0.47 and RMB0.41 in H1 2025.

Outlook and guidance

• H2 priorities include extending Physical AI Agent applications across categories and brand lifecycles, expanding customer coverage, increasing AI interactive marketing penetration and growing recurring engagements.

• Singapore is prioritized for overseas project implementation and validation; overseas expansion will be phased, with the Middle East and Australia among markets under consideration.

• The planned physical AI entertainment venue combines naked-eye 3D, multiplayer collaboration, real-time interaction and immersive content; R&D will support scenario-specific adaptation.