In its first financial report since listing on the Hong Kong Main Board in June, Shenzhen HQVT Technology Co., Ltd. (01392.HK) has posted interim results that underscore its rapid growth in the multispectral AI sector. For the six months ended June 30, 2026, consolidated operating revenue reached RMB 410.5 million, an 84.5% year-over-year increase. The primary engine was multispectral AI foundation model services, which surged 382.5% to RMB 320.0 million, reflecting a structural shift toward high-value software intelligence.
Adjusted net profit, excluding non-recurring listing expenses, grew 21.9% to RMB 27.6 million, while net cash used in operating activities narrowed by 50.2% to RMB 34.2 million. The company ended the period with cash and cash equivalents of RMB 595.6 million, maintaining a sound financial position. R&D expenditure expanded by 125.3% year-over-year, with an R&D headcount ratio of 43.1% and a portfolio of 158 registered patents, including 101 invention patents, and 46 software copyrights.
According to Frost & Sullivan data, HQVT ranks first in China's multispectral AI industry and first in the multispectral AI large model services segment by revenue. LeadLeo Research also recognized the company as a top 10 benchmark vendor in China's physical AI industry application practice.
In a development set to further enhance its market position, Hang Seng Indexes announced on August 21, 2026, that HQVT will be included in the Hang Seng Composite Index, effective September 7, 2026. Following this, both Shanghai and Shenzhen Stock Exchanges are expected to add the company to their Stock Connect programs, allowing mainland Chinese investors to trade the stock from that date. The Stock Connect channel is expected to significantly broaden HQVT's investor base and materially enhance trading liquidity.
HQVT's proprietary "Super Eye" perceptual platform extends detection beyond visible light into ultraviolet and thermal infrared bands, processing inputs via its "Zhiyuan Origin Large Model." This technology is deployed across three-tier collaborative defense matrices for mission-critical infrastructure. During the period, HQVT secured large-scale AI foundation model deployment contracts from a Shanghai state-owned enterprise and a Shenzhen-listed enterprise in the Internet Data Center space. The company also entered a strategic collaboration with Deep Robotics to integrate multispectral AI into quadruped robotic inspection platforms for power systems and new energy infrastructure.
A major technical milestone was the migration of its foundation model architecture to compact Edge AI terminals powered by the NVIDIA Jetson AGX Orin platform. This on-device implementation reduces capital expenditures and latency, transforming HQVT's commercial delivery model and expanding its addressable market to small and medium-sized enterprises.
Soochow Securities initiated coverage with a "Buy" rating and 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 scarcity value as the only Hong Kong listed multispectral physical AI pure-play and the industry's 40%+ CAGR. The Edge AI breakthrough is seen as a key near-term catalyst.
Looking ahead, HQVT plans to direct IPO capital toward production capacity expansion, edge-model iterations, and international go-to-market execution. Through a partnership with Singapore-based LINKWISE, the company aims to accelerate deployments in Southeast Asian data centers and is preparing channel rollouts in the Middle East and Europe. By pairing edge hardware with cloud-based SaaS subscriptions, HQVT is positioning itself to build recurring, high-margin international revenue streams in the global physical AI safety sector.
