Shenzhen HQVT Technology Co., Ltd. (01392.HK) has released its first interim financial results since its Main Board listing on June 22, 2026, revealing robust growth and strategic advancements. The company reported consolidated operating revenue of RMB 410.5 million for the six months ended June 30, 2026, an 84.5% year-over-year increase. This growth was propelled by a 382.5% surge in multispectral AI foundation model services, which reached RMB 320.0 million. Excluding listing expenses, adjusted net profit climbed 21.9% to RMB 27.6 million, while cash and cash equivalents stood at RMB 595.6 million.
HQVT's market leadership is underscored by its ranking as the top multispectral AI company in China, according to Frost & Sullivan, and its recognition as a top 10 benchmark vendor in China's physical AI industry by LeadLeo Research. The company's proprietary "Super Eye" perceptual platform, which extends vision beyond visible light into ultraviolet and thermal infrared bands, is processed by the "Zhiyuan Origin Large Model." This system enables early detection of micro-arcing and thermal anomalies, a critical capability for preventing fires in data centers and power infrastructure.
During the interim period, HQVT secured significant contracts, including large-scale AI foundation model deployments from a Shanghai state-owned enterprise and a Shenzhen-listed company in the IDC sector. The company also entered a strategic collaboration with Deep Robotics to integrate multispectral AI into quadruped robotic inspection platforms, enhancing fault diagnostics in high-voltage substations and energy storage installations.
A pivotal development was the migration of its foundation model to Edge AI terminals using NVIDIA Jetson AGX Orin, which reduces reliance on centralized servers, cuts capital expenditures, and enables faster response times. This edge breakthrough expands HQVT's market reach to SMEs and commercial clients, addressing a broader customer base beyond large enterprises.
Soochow Securities initiated coverage on HQVT with a "Buy" rating and a target price of HK$58.57, implying a significant upside from its September 4 closing price of HK$27.42. The broker's valuation is based on 2027E revenue of RMB 1.31 billion at a 32x P/S multiple, highlighting the company's scarcity as the only Hong Kong-listed multispectral physical AI pure-play.
Looking ahead, HQVT's inclusion in the Hang Seng Composite Index, effective September 7, 2026, will enable trading via Stock Connect, allowing mainland investors to access its shares. This is expected to broaden its investor base and enhance liquidity. The company plans to use IPO proceeds to expand production, advance edge models, and pursue international growth, including partnerships in Southeast Asia and preparation for Middle East and Europe market entries.
With a strong balance sheet and a clear strategic direction, HQVT is well-positioned to capitalize on the growing demand for multispectral AI solutions in physical safety applications. The company's focus on edge AI and SaaS models is set to create recurring, high-margin revenue streams, reinforcing its competitive edge in the global physical AI safety sector.
