7500余台售货机撑起超300亿市值？ 趣致集团的AI叙事暗藏玄机

Core Viewpoint - The article discusses the valuation and business practices of Quzhi Group, an AI interactive marketing service provider, highlighting discrepancies between its claimed capabilities and actual operations, as well as the impact of market dynamics on its stock performance [2][3][7]. Financial Performance - Quzhi Group's revenue increased from 502 million yuan in 2021 to 1.34 billion yuan in 2024, with a notable growth rate of 93.14% in 2023 [3][4]. - The company reported net profits of -139 million yuan, -116 million yuan, 137 million yuan, and -166 million yuan from 2021 to 2024, achieving profitability only in 2023 [3][4]. Market Valuation - After its IPO in May 2024, Quzhi Group's stock peaked at 137 HKD per share, leading to a market capitalization of 36.4 billion HKD, significantly higher than its competitor, Youbao Online, which has a market cap of 2.6 billion HKD [4][12]. - As of September 24, 2025, Quzhi Group's stock price fell to 65.55 HKD per share, resulting in a market cap of approximately 17.4 billion HKD, indicating a significant decline from its peak [12]. Business Model and Operations - Quzhi Group operates 7,543 vending machines across 22 cities in China, offering around 1,400 SKUs of fast-moving consumer goods [4][5]. - The company claims to provide innovative marketing solutions through AI-enabled vending machines, but investigations revealed that the machines lack the advertised interactive features [7][8]. Client Relationships and Concerns - There are concerns regarding the overlapping identities of Quzhi Group's major clients and suppliers, which raises potential risks of financial misconduct [9][10]. - Some clients listed by Quzhi Group have been identified as untrustworthy, including a client that is a known defaulter [10]. Stock Market Dynamics - Following its inclusion in the Hang Seng Index, Quzhi Group experienced a surge in stock price, attracting significant ETF investments, but the stock later faced a sharp decline [11][12]. - Observations indicated unusual trading patterns, suggesting possible market manipulation aimed at inflating stock prices [13][14].