Qunabox Group (917) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 24.2% YoY to RMB1,663.2m; profit reached RMB290.1m, reversing a RMB1,662.7m loss in 2024.

• EBITDA was RMB378.1m versus a loss of RMB1,574.2m in 2024; the prior-year result included a large non-cash fair value loss on convertible redeemable preferred shares.

Financial highlights

• Gross profit increased 27.1% to RMB953.3m; gross margin improved to 57.3% from 56.0%.

• Revenue mix: marketing services RMB1,402.0m (+27.8% YoY), merchandise sales RMB194.1m (+5.2%), and other services RMB67.1m (+16.8%).

• R&D expenses increased 75.0% to RMB160.2m; selling and distribution expenses rose 35.7% to RMB429.0m, including marketing and promotion costs up 48.0% to RMB340.2m.

• Interest income rose to RMB19.4m from RMB4.2m, contributing to other income and gains increasing 59.5% to RMB30.9m.

Outlook and guidance

• Strategy centers on “AI + Consumption Scenarios,” developing a cross-regional AI lifestyle platform through technology, new scenarios and market expansion.

• Plans include deepening AI marketing capabilities, pursuing strategic industry M&A, and scaling AI experiential consumption after operational validation of the indoor entertainment project.

• Overseas expansion is progressing in Dubai, Singapore and Australia; an overseas business division was established, and the first AI indoor entertainment space completed preliminary preparations and obtained local licenses.