Shenwan Hongyuan Group Co., Ltd. has issued a research report initiating coverage on QUNABOX GROUP (00917) with a "Buy" rating. The company has a strong focus on providing marketing services for major domestic Key Account (KA) clients, and its overseas expansion is expected to create a second growth curve. Net profit attributable to shareholders for 2025-2027 is forecasted to be 300 million yuan, 360 million yuan, and 450 million yuan, respectively, corresponding to price-to-earnings (P/E) ratios of 17x, 14x, and 11x. Using a relative valuation method, the average P/E ratio for comparable companies in 2026 is 18x, leading to a target P/E of 18x for QUNABOX GROUP in 2026. The main points from Shenwan Hongyuan are as follows:
QUNABOX GROUP is committed to reshaping consumer scenarios with AIoT. Founded in 2013, the company utilizes AIoT smart vending machines as offline touchpoints, along with online apps and mini-programs, to deliver marketing services. Its "Quna" platform integrates online and offline channels to create a comprehensive, seamless system. This provides consumers with engaging fast-moving consumer goods (FMCG) experiences and offers brands multi-channel, one-stop, closed-loop marketing solutions. By leveraging AI, big data, and IoT technologies, Quna enables highly personalized brand services and consumer experiences. It has also developed outcome-oriented, self-optimizing algorithms to enhance marketing conversion efficiency. In recent years, the company has demonstrated steady operational growth. It has announced an expected net profit range of 270-330 million yuan for 2025, marking a new level of profitability.
QUNABOX GROUP is a leading outdoor marketing service provider for FMCG in China, dedicated to increasing the value delivered to its KA clients. Its current client base primarily comes from high-turnover industries such as beverages, food, and cosmetics. From 2022 to 2024, the company served 130, 291, and 294 brand clients, respectively. Among these, the number of KA clients was 28, 47, and 50, respectively. The company has continuously enhanced its services for KA clients, with the average revenue per KA client rising steadily since 2021. In the first half of 2025, the average revenue per KA client reached 16.2 million yuan, a 52% year-on-year increase. QUNABOX GROUP plans to continue deepening its KA client services to further enhance their value.
The company has launched an AI interactive terminal and AIoT operational system solution with the following features: 1) Optimized appearance and intelligence of AI digital shopping assistants; 2) Introduction of a new AI holographic marketing cabinet; 3) Launch of a new database of marketing highlights and pre-scoring services for beverages and snack foods; 4) Flexible combination capabilities between standardized marketing services and value-added marketing modules.
QUNABOX GROUP is expanding into the Middle East market and has introduced the AI entertainment lifestyle platform Holox. The Middle East market presents significant potential with ample disposable income and leisure time, and it strategically prioritizes AI development. QUNABOX GROUP aims to create a world-leading AI-powered indoor entertainment space, selecting the Middle East as the first stop for its international expansion. The company has formed a strategic partnership with a Dubai-based collaborator to jointly advance the HOLOX project, which focuses on developing a new generation of AI-based entertainment and lifestyle experiences. Looking ahead, QUNABOX GROUP is well-positioned to empower Chinese brands and accelerate their expansion into the Middle East market.
Risk factors include: 1) Overseas business development may fall short of expectations; 2) A global economic downturn could lead clients to reduce marketing budgets; 3) AI technology development or its practical application in specific scenarios may not meet expectations.