Qunabox Group (00917.HK) today announced its interim results for the six months ended June 30, 2026. The Group recorded total revenue of RMB827 million, up 22.2% yearonyear, while net profit grew 30.3% and net margin expanded by 1.2 percentage points to 20.2%, delivering doubledigit growth in both the top and bottom lines.

The strong performance was driven not merely by scale expansion, but by rapid commercialisation of AI products, an improved business mix and enhanced operating efficiency. Gross profit increased 27.1% to RMB490 million, with consolidated gross margin rising 2.3 percentage points to 59.3%. Selling, administrative and R&D expenses combined fell to 35.9% of revenue – the lowest halfyear level since listing.

DualEngine Growth: Business Mix Optimisation and Efficiency Gains

The quality of this interim growth is first evident in the fact that profit growth outpaced revenue growth. While total revenue rose 22.2%, gross profit increased at a faster 27.1%, and gross margin climbed from 57.0% to 59.3% – largely reflecting the higher penetration of highmargin AI interactive marketing services and improved operating efficiency of existing terminals.

On the expense side, efficiency improvements further amplified profit elasticity. During the Reporting Period, selling, R&D and administrative expenses totalled approximately RMB296 million, with the aggregate expense ratio declining from 40.7% to 35.9%. Selling expense ratio fell from 25.5% to 22.4%, and administrative expense ratio from 3.7% to 3.1%, as AIenabled automation directly lifted percapita efficiency and asset productivity.

As of June 30, 2026, the Group’s cash and bank balance stood at RMB1,614 million, up RMB108 million from end2025, reflecting ample liquidity and a robust financial position.

AI Interactive Marketing Services: A HighMargin Growth Engine

For the first time, the Group separately presented AI interactive marketing revenue to more accurately reflect the AInative nature and commercial value of these services. During the Reporting Period, AI interactive marketing revenue reached RMB132 million, representing a sharp yearonyear increase of 101.9%, and its share of the Group’s marketing services revenue rose to 18.2%. The number of brand customers using AI interactive marketing services grew 96.2% to 51, achieving a penetration rate of 21.6% among the Group’s 236 brand customers – a nearparallel doubling with revenue, underscoring rapid commercial adoption and strong customer conversion.

More notably, the gross margin of AI interactive marketing services reached 93.3%, up 2.4 percentage points from the prior year. This improvement stems from the Group’s Omni-sensory Physical AI Agent system – specifically the QGen Generative Spatial Narrative Engine and QSense Omni-sensory Multimodal Interaction Engine – which have made content generation, scene interaction and user feedback fully AInative. Offline terminals have evolved into physical AI agents with environment perception, user understanding and content generation capabilities, significantly lowering marginal delivery costs and unlocking scalable profit growth.

From a customervalue perspective, while the number of KA customers remained stable at 29, average revenue per KA customer increased from RMB16.2 million to RMB19.0 million, up 17.6% yearonyear. AI interactive marketing services now enable a full closed loop that brands receive not just oneoff exposure data but trackable, reusable userbehaviour assets, shifting engagement from projectbased campaigns to annualised recurring partnerships – directly boosting customer lifetime value.

Second Growth Curve: Deploying Physical AI Entertainment

Building on its core marketing business, Qunabox Group is actively cultivating “physical AI entertainment” as a second growth driver, leveraging its technology in omni-sensory interaction, spatial narrative and ondevice agents.

During the Reporting Period, the Group established business entities in Singapore and obtained the relevant local licences, with plans to create a physical AI entertainment space integrating nakedeye 3D, multiplayer collaboration, realtime interaction and immersive content experiences. Dubai and Australia are also included in its strategic deployment considerations for highvalue overseas consumer markets. This move extends the Group’s physical AI capabilities from Bbrand marketing scenarios to broader offline consumer experience arenas, opening a directtoconsumer revenue stream alongside its existing Bside services.

Outlook: Positive Cycle Validated, Longterm Growth Strengthened

The interim results demonstrate that Qunabox Group has completed a positive cycle of technology investment, commercialisation and profit delivery, with the value of physical AI in consumer scenarios now fully validated by financial data. As AI interactive marketing penetration continues to rise and overseas entertainment operations gradually materialise, the Group’s longterm growth visibility is further enhanced.

Company:Qunabox Group

Contact Person: IR Department Young Xu

Email: xuyunying@mx2.zzss.com

Website:www.zzss.com

Telephone:4009282212

City:China Shanghai