Shenzhen HQVT Technology Co., Ltd. (01392.HK), a leader in China's multispectral AI sector, has released its interim financial results for the six months ended June 30, 2026, marking its first report since listing on the Hong Kong Stock Exchange's Main Board on June 22, 2026. The results reveal accelerating commercial momentum, with consolidated revenue reaching RMB 410.5 million, an 84.5% year-over-year increase. This growth is primarily driven by multispectral AI foundation model services, which surged 382.5% to RMB 320.0 million. Excluding non-recurring listing expenses, adjusted net profit rose 21.9% to RMB 27.6 million, while net cash used in operating activities narrowed by 50.2% to RMB 34.2 million, and cash reserves stood at RMB 595.6 million.
According to Frost & Sullivan, HQVT ranks first in China's multispectral AI industry and in the multispectral AI large model services segment by revenue. The company's leadership is further underscored by its recognition as a top 10 benchmark vendor in China's physical AI industry by LeadLeo Research. A significant development is HQVT's inclusion in the Hang Seng Composite Index, announced on August 21, 2026, which will take effect on September 7, 2026. This inclusion is expected to lead to the stock being added to the Stock Connect programs, enabling mainland Chinese investors to trade the shares from that date, thereby broadening the investor base and enhancing trading liquidity.
HQVT's technological edge lies in its proprietary "Super Eye" perceptual platform, which extends detection into ultraviolet and thermal infrared bands, and its "Zhiyuan Origin Large Model," filed with the Cyberspace Administration of China. The system detects micro-arcing, dielectric degradation, and thermal spikes before combustion, deployed across a three-tier defense matrix. In the first half of 2026, HQVT secured contracts from a Shanghai state-owned enterprise and a Shenzhen-listed company in the IDC sector, and 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 milestone was the migration of its foundation model to Edge AI terminals powered by NVIDIA Jetson AGX Orin, eliminating the need for on-premise servers and reducing latency. This edge breakthrough allows for product standardization and expansion into commercial and SME markets. Soochow Securities, in its inaugural coverage, assigned a "Buy" rating with a target price of HK$58.57, citing the edge AI as a key catalyst. The company is also expanding internationally, partnering with Singapore-based LINKWISE for Southeast Asian data centers and preparing channel rollouts in the Middle East and Europe, aiming to build recurring revenue through cloud-based SaaS subscriptions.
The interim results, approved by the board on August 28, and the Stock Connect effective date on September 7 represent immediate catalysts for investor attention, positioning HQVT for continued growth in the global physical AI safety sector.
