Shenzhen HQVT Technology Co., Ltd. (01392.HK), a leader in China's multispectral AI sector, released its interim financial results for the six months ended June 30, 2026, marking its first operational report since listing on the Hong Kong Stock Exchange's Main Board on June 22, 2026. The results underscore accelerating commercial traction and strategic milestones, including inclusion in the Hang Seng Composite Index and upcoming Stock Connect eligibility.
According to Frost & Sullivan, HQVT ranks first in China's overall multispectral AI industry and first in the multispectral AI large model services segment by revenue, solidifying its competitive edge in physical space safety. The company was also recognized by LeadLeo Research as a top 10 benchmark vendor in China's physical AI industry application practice.
Financially, HQVT achieved consolidated interim operating revenue of RMB 410.5 million, an 84.5% year-over-year increase. The primary driver was multispectral AI foundation model services, which surged 382.5% to RMB 320.0 million, significantly boosting the segment's revenue share. Excluding non-recurring listing expenses, adjusted net profit rose 21.9% to RMB 27.6 million. Operating cash flow improved, with net cash used in operating activities narrowing by 50.2% to RMB 34.2 million, while cash and equivalents stood at RMB 595.6 million. R&D expenditure expanded by 125.3%, maintaining a high R&D headcount ratio of 43.1%, with a portfolio of 158 registered patents (101 invention patents) and 46 software copyrights.
HQVT's technological foundation is its proprietary "Super Eye" perceptual platform, which extends detection beyond visible light into ultraviolet and thermal infrared bands. The "Zhiyuan Origin Large Model" processes sensory inputs to detect micro-arcing, dielectric degradation, and thermal spikes before combustion. This is deployed via a three-tier defense matrix: Tier-1 rack-level monitoring, Tier-2 room-level spatial sensing, and Tier-3 robotic patrol scanning.
In the first half of 2026, HQVT secured large-scale AI foundation model deployment contracts from a Shanghai state-owned enterprise and a Shenzhen-listed company in the Internet Data Center (IDC) sector. It also entered a strategic collaboration with Deep Robotics to integrate multispectral AI into quadruped robotic inspection platforms for fault diagnostics in power systems and new energy infrastructure.
A key technical milestone was the migration of its foundation model to compact Edge AI terminals powered by NVIDIA Jetson AGX Orin. This edge AI breakthrough reduces capital expenditures and latency, enabling standardized products and expanding its client base to commercial and SME markets.
Soochow Securities initiated coverage with a "Buy" rating and a target price of HK$58.57, implying ~113% upside from the September 4 close of HK$27.42. The valuation is based 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, industry growth of 40%+ CAGR, and margin recovery potential.
HQVT is using IPO proceeds to expand production, advance edge-model iterations, and execute an international go-to-market strategy. Partnerships with Singapore-based LINKWISE aim to accelerate deployments in Southeast Asian data centers, with channel rollouts planned in the Middle East and Europe. The company plans to offer standardized edge perception hardware with cloud-based SaaS subscriptions for recurring revenue.
The interim results were approved by the board on August 28, 2026. On September 7, 2026, HQVT will be added to the Stock Connect programs, enabling mainland Chinese investors to trade the stock, which is expected to significantly broaden its investor base and enhance trading liquidity.
