Quantitative firm releases its first annual report after going public: steady revenue growth, first-time proposal of "AI + intelligent species" strategic transformation acceleration

Ask AI · How will the new management team promote the smart hardware strategy?

On March 31, QuantifyPay (02685.HK), the online market operator in China’s consumer sector, officially released its 2025 annual performance report, delivering its first “report card” since listing.

During the reporting period, the company achieved operating revenue of 1.035 billion yuan, a 4.2% year-on-year increase, maintaining a steady growth trend for four consecutive years. Notably, while the company’s revenue scale crossed the 1-billion-yuan threshold, its profitability structure saw a significant improvement—net profit in 2025 increased by 32.6% year-on-year, with profit growth far outpacing revenue growth, indicating that the core business’s self-sustaining “self-hematopoietic” capability is strengthening.

From “Traffic Operations” to “Technical Foundations”: Reinforcing the AI Moat

As a core growth engine, QuantifyPay’s consumer e-commerce platform’s full-year GMV in 2025 exceeded 10 billion yuan, up 30.59% year-on-year, representing a 400% increase compared with 2022. By the end of the year, the platform had accumulated 63.65 million registered users, with a net increase of 6.87 million over the year; the user base and transaction activity rose in tandem.

The underlying logic supporting this growth curve is undergoing a qualitative change. QuantifyPay stated clearly in its financial report that its R&D expenses increased by 37.2% year-on-year in 2025, and the strategic position of its AI technology platform was raised to an unprecedented height.

Unlike the traffic-driven e-commerce common in the market, QuantifyPay’s technology route leans more toward “precise matching”—through AI and big data analysis technologies, the platform builds a two-layer architecture of “underlying analysis + front-end generation”: achieving the best matching between products and users’ needs; the front end, meanwhile, reshapes the human-computer interaction experience through natural language understanding and content generation technologies. This bidirectional precise matching capability forms QuantifyPay’s core moat in the “AI + consumption” field.

Executive Reinforcements Signal Strategic Shift: Moving From a Pure Online Platform to “AI + Smart Hardware”

More telling than the financial figures is QuantifyPay’s recent intensive completion of core management team strengthening.

On March 2, Tan Feng, who has a PhD background in robotics from the Massachusetts Institute of Technology (MIT) and also has an entrepreneurial track record spanning both AI engineering and smart hardware, took over as CTO; on the same day, Zhang Yanshen, with consecutive entrepreneurial experience in consumer technology and cross-border e-commerce, was appointed COO; on March 13, Professor Xu Dong, a senior scholar in machine learning from the Department of Computer Science at the University of Hong Kong, was appointed Chief Scientist.

The onboarding of these three executives, who combine top academic backgrounds with real-world industry execution experience, has been widely interpreted by the market as a clear signal that QuantifyPay is about to enter the “AI + smart hardware” and “AI + embodied intelligence” tracks.

This judgment is not without basis. In March this year, QuantifyPay’s founder, chairman and CEO Zhou Hao, first systematically laid out the company’s strategic understanding of embodied intelligence in a business and finance interview. He believes that embodied intelligence is essentially the deep integration of “intelligence” and “physical form.” Any physical entity implanted with chips and capable of sensing and decision-making—regardless of whether its form is a consumer-grade toy, a wearable device, or industrial-grade machinery—can be seen as a “new intelligent species.”

From the perspective of business model evolution, this setup has a clear strategic logic: pure online consumer platforms often face valuation ceilings in capital markets, while the combined narrative of “platform + AI smart hardware + embodied intelligence” implies an extension from digital scenarios into the physical world, with the potential to open a second growth curve.

Especially against the backdrop of rising enthusiasm in the primary market for the embodied intelligence track in 2025-2026, if QuantifyPay can leverage its existing algorithm advantages and data accumulation to enter the hardware field, it could become a scarce listed target company in the “AI + smart hardware” and “AI + embodied intelligence” tracks on Hong Kong stocks.

After Inclusion in the Hong Kong Stock Connect: Valuation Logic Faces Rebuilding

Since March 2026, QuantifyPay has been successively included in the Hang Seng Composite Index and the Hang Seng Hong Kong Stock Connect Index, and has officially become a constituent under the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, with the investor structure facing a diversification reshuffle.

From the standpoint of valuation logic, there are significant differences in how the capital market prices “single-platform-type companies” versus “AI technology-enabled companies.” As QuantifyPay’s layout in “AI + smart hardware” and “AI + embodied intelligence” becomes increasingly clear, its valuation framework is expected to shift from the logic of traditional e-commerce platforms toward the logic of AI technology service providers.

Looking ahead, QuantifyPay stated clearly in its financial report that it will keep AI as the driving core, and continue to promote iteration of the “YueXingQiu” system; at the same time, it will actively expand application development of AI in the consumer goods sector, and explore the design, R&D, and global sales of intelligent species products that integrate AI technologies. From an online consumer platform to an AI technology enabler, and then to a potential participant in “AI + smart hardware” and “AI + embodied intelligence,” QuantifyPay’s strategic blueprint is undergoing a key leap.

In today’s era where AI technology is reshaping the consumer industry landscape, this “AI + consumption” service provider that has just listed in Hong Kong is trying to prove with a steady first-year performance: only companies with a solid technical foundation can seize the initiative in the new round of industrial transformation.