Shenzhen HQVT Technology Co., Ltd. (01392.HK), a leader in China's multispectral AI industry, has announced its interim financial results for the six months ended June 30, 2026, marking its first operational scorecard since listing on the Main Board of the Stock Exchange of Hong Kong on June 22, 2026. The report reveals accelerating commercial momentum, with consolidated operating revenue reaching RMB 410.5 million, a year-over-year increase of 84.5%.
The growth was primarily driven by multispectral AI foundation model services, which surged 382.5% year-over-year to RMB 320.0 million, elevating the segment's revenue contribution. Excluding non-recurring listing expenses, adjusted net profit reached RMB 27.6 million, up 21.9% compared to the prior-year period. The company's financial position remains sound, with cash and cash equivalents amounting to RMB 595.6 million as of June 30, 2026. Net cash used in operating activities narrowed by 50.2% year-over-year to RMB 34.2 million.
According to Frost & Sullivan data, HQVT ranks first in China's overall multispectral AI industry and first in the multispectral AI large model services segment by revenue. This leadership is further underscored by its recent recognition as a top 10 benchmark vendor in China's physical AI industry application practice by LeadLeo Research.
In a significant development for investor access, Hang Seng Indexes announced on August 21, 2026, that HQVT has been included in the Hang Seng Composite Index, effective September 7, 2026. Upon this effective date, the Shanghai and Shenzhen Stock Exchanges are expected to add HQVT to the list of eligible stocks under the Stock Connect programs, enabling mainland Chinese investors to trade the stock from September 7 onward. This inclusion is poised to broaden HQVT's investor base significantly by providing access to mainland China's substantial retail and institutional capital pools, thereby enhancing trading liquidity.
The company's technological foundation centers on its proprietary "Super Eye" perceptual platform, which extends detection capabilities beyond visible light into ultraviolet and thermal infrared bands. This system, powered by the "Zhiyuan Origin Large Model," detects micro-arcing, dielectric degradation, and localized thermal spikes before combustion occurs. The technology is deployed through a three-tier collaborative defense matrix, achieving significant commercial milestones in the first half of 2026. In the Internet Data Center (IDC) space, HQVT secured large-scale AI foundation model deployment contracts from a prominent Shanghai state-owned enterprise and a Shenzhen-listed enterprise. In electrical power systems and new energy infrastructure, the company entered into a strategic collaboration with Deep Robotics to integrate multispectral AI modules into quadruped robotic inspection platforms.
A major technical milestone was the successful migration of HQVT's foundation model architecture to Edge AI terminals powered by the NVIDIA Jetson AGX Orin platform. This on-device implementation reduces capital expenditures and eliminates cloud-network latency, enabling instantaneous safety responses. This edge breakthrough transforms HQVT's commercial delivery model, facilitating product standardization and expanding its addressable client base beyond large state-owned enterprises to the broader commercial market and SMEs.
Soochow Securities, in its inaugural coverage report dated July 31, 2026, assigns a "Buy" rating with a target price of HK$58.57 per share, implying approximately 113% upside from the September 4 closing price of HK$27.42. The broker's valuation is anchored on 2027E revenue of RMB 1.31 billion at a 32x P/S multiple, citing the stock's scarcity value as the only Hong Kong Main Board-listed multispectral physical AI pure-play and the industry's 40%+ CAGR.
Looking ahead, HQVT is directing its IPO capital toward expanding production capacity, advancing edge-model iterations, and executing an international go-to-market strategy. The company has partnered with Singapore-based LINKWISE to accelerate deployments across Southeast Asian data centers and is preparing channel rollouts in the Middle East and Europe. By pairing standardized edge perception hardware with cloud-based Software-as-a-Service (SaaS) subscription tiers, HQVT aims to build recurring, high-margin international revenue streams within the global physical AI safety sector.
