Author / Vincent

Editor / Jiajia

If we were to identify the most adept storyteller in the AI sector from a capital market perspective in 2026, Qunhe Technology would undoubtedly emerge as the frontrunner:

Despite AI revenue constituting less than 1% of its total, with traditional home decoration design contributing a staggering 97%, Qunhe Technology made its debut on the Hong Kong Stock Exchange on April 17 as the 'pioneer global spatial intelligence stock,' reaching a market capitalization of HKD 80 billion at its peak.

However, just six months post-listing, its market cap plummeted by 85%, settling at HKD 14.146 billion. While subsequent investors may rue their decisions, Qunhe Technology adeptly capitalized on the AI frenzy—securing substantial funding, delivering returns, and carving out a niche as the 'water purveyor' within the AI physical large model ecosystem.

From both its listing timing and the strategic packaging of its spatial intelligence positioning, Qunhe Technology stands out as the AI enterprise with the most compelling capital narrative in 2026.

【1】On its official website, AI dominates Qunhe Technology's narrative

How can we assess a company's prowess in storytelling? A key indicator is its ability to concentrate on what truly matters—emphasizing what resonates with the capital market while downplaying less favorable aspects.

Qunhe Technology has mastered this art.

A cursory glance at Qunhe's official website reveals a homepage brimming with a tech-savvy AI-era ambiance:

In the 'About Us' section, Qunhe Technology positions itself as a 'global leader in spatial intelligence services,' referencing events like the 'Cool+ Conference: Leaping into the Unknown' and slogans such as 'Transforming every space into a computable realm.'

When showcasing its products and platforms, phrases like 'Enhancing agent intelligence,' 'Spatial Intelligence Open Platform,' and 'SpatialVerse Spatial Intelligence Training Platform' take center stage.

The news center on its official website highlights collaborations with Insta360 on 3DGS spatial reconstruction, the launch of the AI twin platform SpatialTwin for industrial embodied intelligence, and the release of 3DGS datasets to bolster the perceptual capabilities of embodied intelligent robots and AI agents...

It's evident that Qunhe Technology's entire online presence revolves around 'AI' and 'spatial intelligence.'

(Source: Qunhe Technology Official Website)

Coupled with the impressive work backgrounds of its three founders—Huang Xiaohuang, Chen Hang, and Zhu Hao—at NVIDIA, Microsoft, and Amazon, along with Qunhe's partnerships with industry players like Zhiyuan Robotics, Yinhe General, Qiongche Intelligence, Zhipingfang, and Songying Technology, it's no wonder that nearly everyone believes:

With the accelerated commercialization of embodied intelligence, Qunhe Technology, providing 3D interactive synthetic data for leading embodied intelligence firms, is poised to become the 'water purveyor' of the entire embodied intelligence sector.

'For robots to navigate the physical world, they must comprehend and operate within it. Spatial intelligence is the linchpin, forming the essential infrastructure for the future robotics industry.'

(Source: Qunhe Technology Official Website)

Huang Xiaohuang, Qunhe Technology's founder, even asserted in media interviews that training data constitutes the underlying architecture and infrastructure of embodied intelligence.

Based on Huang's statements, the relationship between embodied intelligence and spatial intelligence mirrors that of new energy vehicles and CATL—the former's surge becomes the latter's profit wellspring.

Coupled with the boom in the embodied intelligence industry throughout 2025 and the first half of 2026, Qunhe Technology, the 'water purveyor,' was catapulted onto the 'Iron Throne' of the Hong Kong Stock Exchange, reaching a market capitalization of HKD 80 billion and earning the title of the 'pioneer global spatial intelligence stock.'

【2】Beyond the financial reports, a different Qunhe Technology emerges

While its external image exudes cutting-edge, hardcore technology, a closer examination of its prospectus unveils a Qunhe Technology that differs from the one portrayed on its official website and in its promotional materials:

In 2025, Qunhe Technology's revenue from SpatialVerse (AI and physical space) amounted to a mere RMB 5.2 million, with a total of 16 users, constituting a negligible fraction of its annual total revenue (RMB 820 million). A staggering 97% of its revenue still stemmed from subscription services for its home decoration and contracting design platform 'Kujiale' and its overseas counterpart.

(Source: Time Finance)

Whether judged by revenue contribution or overall revenue, Qunhe Technology remains fundamentally a tool-based platform catering to decoration companies and real estate developers. How, then, did it become synonymous with trendy, cutting-edge technologies like AI large models and embodied intelligence?

In the author's view, two factors played a pivotal role: First, Qunhe Technology seized the opportune moment.

During the 2025 and 2026 Spring Festival Galas, the awe-inspiring performances of Unitree Technology's products convinced everyone that embodied intelligence had reached a new stage of commercial mass production, implying that the entire embodied intelligence industry urgently required vast amounts of training data.

Second, Qunhe Technology excels at uncovering and articulating the value of its products.

While the industry generally lacks spatial physical data, why does Qunhe Technology possess it? The answer lies in its reserves:

Its home decoration and contracting design platform, Kujiale, focuses on spatial matters—such as how designers decorate a room, where to place the bed, how to arrange custom wardrobes—all of which generate comprehensive drawings and datasets.

Officially, the Kujiale platform boasts over 362 million 3D models and spatial design elements, with most models in its material library corresponding to real, purchasable products.

Supply meets demand, and these home decoration spatial data perfectly fulfill the requirements of embodied intelligence for spatial data.

In the home decoration design platform sector, Kujiale does not hold a 'monopoly license.' It commands a market share of less than 25% in the domestic market, with formidable competitors like Autodesk, ZWSOFT, and 3D Home hot on its heels.

With the same cards in hand, the founders' backgrounds from overseas tech giants made all the difference. Leveraging the hype surrounding AI large models and embodied intelligence, Qunhe Technology astutely repackaged traditional real estate spatial design 3D models and datasets into a training platform for embodied intelligent robots, directly riding the wave of AI large models.

From Qunhe Technology's example, we learn that opportunities abound—it merely requires the vision to discern them.

【3】Opportunities favor the visionary

Qunhe Technology firmly affixed the AI label to itself, launching a second growth curve amid a declining traditional business landscape. With annual revenue from AI and other new businesses at just RMB 5.2 million, it achieved a market capitalization of HKD 80 billion.

However, as the saying goes, 'the emperor's new clothes cannot deceive forever,' and neither can capital nor industry be fooled indefinitely. AI revenue at such a meager level could not sustain a market capitalization of HKD 80 billion. Consequently, Qunhe Technology's stock price plummeted continuously. As of September 21, its total market capitalization stood at HKD 14.146 billion, down over 80% from its peak at listing.

(Source: Baidu Stock Through)

From the perspective of ordinary investors, those who rushed to buy shares of the 'pioneer global spatial intelligence stock' found themselves effectively trapped. However, for Qunhe Technology, it was a resounding success:

First, it seized the optimal timing for the industrialization and commercialization of embodied intelligence, leveraging minimal AI revenue performance to secure maximum capital financing, achieving the largest financing gain on the Hong Kong Stock Exchange. Just a few months later, following Unitree Technology's stock price collapse, public sentiment toward the commercialization prospects of embodied intelligence shifted from extremely optimistic to objectively neutral.

Second, it enabled Qunhe Technology to secure its niche within the broader AI landscape. Compared to peers like ZWSOFT and 3D Home, which once provided services in the upstream real estate supply chain, Qunhe Technology shed its 'outdated' label as a home decoration SaaS software provider and emerged as one of the 'Hangzhou Six Little Dragons' in the AI wave.

It can be said that, from both its listing timing and corporate positioning perspectives, Qunhe Technology's approach merits study by any tech company aiming for a Hong Kong IPO—even the finest wine fears obscurity in a narrow alley. A company's positioning and packaging can transform it from a declining market (sunset market) player into a rising star in a burgeoning industry (sunrise industry).

The world is full of wonders—those with vision and an understanding of industry trends always seize the opportunities of the era.

END