Quant Group signs framework deal for up to 2,000 embodied-AI robots

What the agreement covers

On 25 October 2026, Quant Group, which calls itself Hong Kong's first listed "Embodied AI" company, announced that its indirectly wholly owned subsidiary Silicon Base (Beijing) Intelligent Technology Development Company had entered into the agreement with Chewujie (Beijing) Automobile Co., Ltd.

Under the deal, Quant Group is to supply up to 2,000 embodied-AI robot solutions by end-2027. The robots are intended for reception, vehicle presentation, customer engagement, sales lead capture and distribution at automobile showrooms and 4S outlets. Quant Group says the order marks a shift from "technical feasibility validation" to "commercial delivery."

The company stresses that the quantities are limited by the terms of the announcement. Planned quantities for each period are indicative only and are not fixed delivery obligations. Actual deliveries will depend on demand from Chewujie's outlets, and revenue will be recognised in stages, with timing and amount remaining uncertain.

Revenue scenarios and the integrated pitch

Quant Group sells what it calls an integrated package: robot hardware, embedded software, scenario configuration and supporting services. The company argues that such solutions sell for more than standalone hardware. As an example from food service, it says monthly labour costs at a jointly operated pilot outlet fell from RMB 35,000 to RMB 20,500 under a three-layer setup of "Store Agent + humanoid robot + automated equipment."

The company outlines three pricing cases, all assuming full delivery of 2,000 units:

• Conservative: lightweight interactive robots with basic software licensing, at about RMB 15,000 per solution, implying roughly RMB 30 million in incremental revenue.
• Standard: an embodied-AI package with scenario customization, at about RMB 50,000 per solution, implying about RMB 100 million.
• High end: a premium or full-stack humanoid solution with deep customization and a full AI Agent system, at RMB 100,000 to 200,000 per solution, implying RMB 200 million to 400 million.

The valuation argument

Much of the release is about how the market prices the company. Quant Group closed at HK$2.935 on 23 October 2026, below its net asset value per share, for a market capitalization of approximately HK$1.65 billion. After listing, the share price peaked at HK$43.36, a market cap above HK$24 billion. On 2025 revenue of RMB 1.035 billion and net profit of RMB 195 million, the company puts its price-to-sales ratio at about 0.8 and its price-to-earnings ratio at about 8.

According to the company, that pricing rests almost entirely on its e-commerce AI solutions business, where GMV on the Yangxiaomie platform exceeded RMB 10 billion. Its embodied-AI work, actively developed since early 2026, is "barely reflected" in the valuation, the release says.

For comparison, it cites UBTECH, with 2025 revenue of RMB 2.001 billion, a net loss of RMB 703 million and a market cap of roughly HK$34.3 billion, implying a price-to-sales ratio of 15 to 20. It also cites Unitree, with 2025 revenue of RMB 1.699 billion, net profit of RMB 591 million and a market cap of RMB 236.6 billion, implying about 36. The sector average is around 25, according to the release, which adds that institutional models commonly apply a ratio of 25 to Tesla's Optimus.

Sum-of-the-parts estimate and its assumptions

Quant Group positions itself as a Physical AI foundation model provider rather than a robot maker, offering its WAM world model and Store Agent. It points to an ecosystem that includes ByteDance Volcengine, Tungkong Inc.'s Ruihong Robot and Chewujie, plus a RMB 1 billion cognitive-intelligence fund set up with Z.AI and Jiangmen Ventures.

The release's rough estimate is that the Physical AI business could generate about RMB 140 million in 2027. That figure comprises roughly RMB 50 million from the Chewujie order (assuming 50% realization), about RMB 40 million from Beijing Ruihong, around RMB 18 million from food service and other retail, and approximately RMB 30 million from software licensing and annual SaaS subscriptions. With faster realization or more clients, 2027 to 2028 revenue could reach RMB 300 million to 500 million.

Applying a price-to-sales ratio of 25 to projected 2027 revenue of RMB 150 million to 300 million gives RMB 3.75 billion to 7.5 billion. Adding about RMB 2 billion for the e-commerce business, the company arrives at a fair value of approximately RMB 5.75 billion to 9.5 billion. At the upper end, that is roughly HK$11 billion, or a share price of about HK$19.5.

The target depends on stated assumptions: delivery of at least 50% of the 2,000 units, 2027 Physical AI revenue above RMB 200 million, successful communication of the foundation-model positioning to the market, and supportive sector sentiment.

What it means

For Quant Group, the agreement is a contract rather than a concept, but it is not a guaranteed sales volume. Because deliveries hinge on demand at Chewujie's outlets and revenue timing is uncertain, the figures in the release are scenarios, not forecasts of booked income. The valuation analysis is the company's own, and its upside case relies on both delivery and market sentiment toward embodied AI.