QUNABOX GROUP (00917) released its audited results for the year ended 31 December 2025, reporting a decisive turnaround to net profit and double-digit top-line expansion.

Revenue rose 24.2% year on year to RMB1.66 billion, driven chiefly by the core Marketing Services segment, which delivered RMB1.40 billion, up 27.8%. Merchandise Sales contributed RMB194.15 million (+5.2%), while Other Services added RMB67.07 million (+16.8%).

Gross profit increased 27.1% to RMB953.27 million, lifting the gross margin to 57.3% from 56.0% a year earlier. EBITDA advanced to RMB378.06 million from a 2024 loss of RMB1.57 billion. Bottom-line performance improved sharply, with the Group posting a profit of RMB290.12 million versus a RMB1.66 billion loss in 2024, when results were hit by a one-off fair-value loss on preferred shares.

Segment details: • Marketing Services: Gross profit climbed 28.8% to RMB875.0 million; gross margin edged up to 62.4%. Value-added services revenue surged 32.9% to RMB236.18 million, increasing their share of the mix and boosting overall profitability. • Merchandise Sales: Revenue grew 5.2% to RMB194.15 million; gross margin improved to 25.4% (2024: 23.7%) on richer product mix and optimized pricing. • Other Services: Revenue advanced 16.8% to RMB67.07 million, supported by rising demand for IT and software development projects.

Cost of sales increased 20.4% to RMB709.98 million, below the pace of revenue growth, reflecting tighter cost control. Research & Development expenses jumped 75.0% to RMB160.2 million, underscoring continued investment in the Group’s AI-driven marketing and data products. Selling and distribution costs rose 35.7% to RMB429.03 million due to intensified multi-channel promotional activities.

The balance sheet strengthened: cash and bank balances reached RMB1.51 billion, up from RMB891.99 million, aided by HK$313.80 million (approximately RMB286.97 million) net proceeds from a July 2025 share placing. Bank borrowings stood at RMB534.94 million, pushing the gearing ratio to 26.1% (2024: 25.7%). Inventory turnover days improved to 40.1 from 65.3, while trade receivable days narrowed to 155.6.

No final dividend was declared. The Group reiterates its “AI + Consumption Scenarios” strategy, targeting deeper technology investment, wider brand customer engagement, continued international expansion and selective M&A to reinforce its competitive edge.