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Hong Kong, Oct 27, 2026 - On 25 October 2026, Quant Group (02685.HK), as Hong Kong's first listed "Embodied AI" company, announced that its indirectly wholly owned subsidiary Silicon Base (Beijing) Intelligent Technology Development Company has entered into a framework procurement agreement with Chewujie (Beijing) Automobile Co., Ltd. Under the agreement, Quant Group is to supply up to 2,000 embodied-AI robot solutions by end-2027, covering reception, vehicle presentation, customer engagement, sales lead capture and distribution at automobile showrooms and 4S outlets. The deal marks the first large-scale framework order for Quant Group's Physical AI business — a milestone signalling a shift from "technical feasibility validation" to "commercial delivery." The agreement raises three questions for the market: how much revenue it could generate? What it means for Quant Group, currently valued at less than HK$2 billion? What valuation the company could justify based on embodied AI sector benchmarks? I. Integrated Solutions Command a Premium, Offering Significant Revenue Upside Quant Group delivers an integrated value proposition — "robot hardware + embedded software + scenario configuration + supporting services" — with pricing that differs from that of pure hardware vendors. In its previously disclosed food-service deployment, Quant Group adopted a three-layer architecture: "Store Agent + humanoid robot + automated equipment." At a jointly operated pilot outlet, monthly labour costs fell from RMB 35,000 to RMB 20,500, delivering tangible cost savings for the customer. Integrated solutions typically sell for more than standalone hardware. Combined Chewujie's network of thousands of 4S outlets and Quant Group's AI models and software for robots, this collaboration is expected to offer significant revenue potential. Under a conservative scenario (lightweight interactive robots + basic software licensing), the per-solution price is approximately RMB 15,000, implying incremental revenue of around RMB 30 million. Under a standard embodied-AI package with scenario customization, the estimated per-solution price is roughly RMB 50,000, implying incremental revenue of about RMB 100 million. At the high end (a premium or full-stack humanoid robot solution plus deep customization and a full AI Agent system), per-solution price can reach RMB 100,000–200,000, with potential incremental revenue of RMB 200–400 million. The above estimates assume full delivery. The company's announcement also states that the planned quantities for each period are indicative only and do not constitute fixed delivery obligations; actual deliveries will depend on demand from Chewujie's outlets. Revenue will be recognised in stages, with timing and amount remaining uncertain. II. The Current Share Price Does Not Yet Reflect the Physical AI Business; The Embodied-AI Sector Provides a "Valuation Anchor" As of 23 October 2026, Quant Group closed at HK$2.935, below its net asset value per share, giving a market capitalization of approximately HK$1.65 billion. Since listing, the company's share price previously peaked at HK$43.36 (market cap exceeding HK$24 billion), yet it has since pulled back to current levels even as Physical AI orders have progressively materialized — a clear valuation mismatch. On 2025 revenue of RMB 1.035 billion and net profit of RMB 195 million, the current price-to-sales (PS) ratio is approximately 0.8 and the price-to-earnings (PE) ratio is about 8. The market's current pricing of Quant Group rests almost entirely on its mature e-commerce AI solutions business — a consumer technology platform generating around RMB 1 billion in revenue and nearly RMB 200 million in net profit. Its embodied AI business, which the company has been actively developing since early 2026, is barely reflected in its current valuation . In 2026, embodied-AI companies have gone public in quick succession, establishing a price-to-sales (PS)-based valuation framework. UBTECH reported 2025 revenue of RMB 2.001 billion and a net loss of RMB 703 million, yet commands a market cap of roughly HK$34.3 billion — implying a PS ratio of 15-20. Unitree reported 2025 revenue of RMB 1.699 billion and net profit of RMB 591 million; its market cap stands at RMB 236.6 billion (spiking to RMB 444.9 billion on its IPO debut), implying a PS ratio of approximately 36. The sector-average PS ratio is around 25. Market commentary broadly suggests that current embodied-AI valuations still reflect a "manufacturing" multiple and have not yet factored in the optionality inherent in the Physical AI foundation model as an industry-wide enabling layer. In other words, even at a P/S ratio of 36, Unitree's valuation does not, on this analysis, include a valuation premium for its models or software — a key point of differentiation for Quant Group. Overseas, institutional valuation models commonly apply a P/S ratio of 25 to Tesla's Optimus, providing another "valuation anchor" for the embodied-AI sector. In sum-of-the-parts models from Morgan Stanley, Piper Sandler and others, Optimus commands a multiple significantly above traditional automotive manufacturing. The logic is that the robotics business is fundamentally not about selling hardware but about selling "automation capability" — a thesis that aligns closely with Quant Group's positioning as a "capability-layer" provider. III. SOTP Re-Rating: Potential for a Valuation Approaching HK$10 Billion The e-commerce AI solutions business provides a solid base. In 2025 the company reported e-commerce revenue of RMB 1.035 billion and net profit of RMB 195 million; gross merchandise value (GMV) on its Yangxiaomie platform exceeded RMB 10 billion, and cash flow is stable. This segment is expected to remain resilient. Applying a P/S ratio of 1.5–2 or P/E ratio of 8–10 to the e-commerce business implies a valuation of approximately RMB 2 billion. The Physical AI business is the core driver of Quant Group's re-rating. Its unique positioning: it does not manufacture its own robots — it positions itself as a Physical AI foundation model provider, providing its WAM world model and Store Agent — effectively the "operating system" of the embodied-AI sector. According to public reporting, the company has completed multi-scenario techinical feasibility validation spanning hand-pounded lemon tea, flaky flatbread (shouzhuabing), stir-fried shredded potatoes and automobile showroom deployments, demonstrating its industry-leading breadth of techinical feasibility validation across these applications. It has also built an integrated ecosystem with ByteDance Volcengine, Tungkong Inc.'s Ruihong Robot and Chewujie connecting AI models, robot hardware and real-world applications. Separately, it has co-established a RMB 1 billion cognitive-intelligence fund with Z.AI and Jiangmen Ventures. Together, these initiatives indicate that Quant Group has established an ecosystem for its Physical AI business and is approaching its first year of commercialisation. Based on rough estimates, Quant Group's Physical AI business could generate revenue of approximately RMB 140 million in 2027, comprising roughly RMB 50 million from the Chewujie order (assuming 50% realization), circa RMB 40 million from Beijing Ruihong, around RMB 18 million from food service and other retail, and approximately RMB 30 million from software licensing fee/ Annual SaaS subscription fees. If realization exceeds expectations or more enterprise clients come on board, 2027-2028 revenue could potentially reach RMB 300-500 million. Applying a PS ratio of 25 to projected 2027 revenue of RMB 150–300 million yields an implied valuation of RMB 3.75-7.5 billion. Under a sum-of-the-parts (SOTP) valuation model, combining the two segments suggests a fair value for Quant Group of approximately RMB 5.75-9.5 billion. Converted at the upper end (RMB 9.5 billion), this equates to roughly HK$11 billion, or a share price of about HK$19.5. Key assumptions underlying this target include: delivery of at least 50% of the 2,000 units envisaged under the Chewujie framework agreement; 2027 Physical AI revenue exceeding RMB 200 million; and the company successfully communicating its "Physical AI foundation model provider" positioning to the market, with sector sentiment remaining supportive. In summary, the 2,000-unit framework agreement represents a pivotal milestone for Quant Group's Physical AI business — the transition from "concept" to "contract." Against the embodied-AI sector's P/S benchmark ratio of 25 successful scaling of the Physical AI business could — alongside the e-commerce base — support a market capitalisation approaching HK$10 billion. With the current market cap at just HK$1.65 billion, the stock offers a substantial margin of safety and meaningful upside — a scarce combination of attractive risk-reward and high probability of success.
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