Six weeks after its Main Board listing, Shenzhen HQVT Technology Co., Ltd. (01392.HK) has delivered a first half-year scorecard that underscores its leadership in multispectral artificial intelligence. The company’s interim results for the six months ended June 30, 2026, show consolidated operating revenue of RMB 410.5 million, an 84.5% year-over-year increase. The surge was led by its multispectral AI foundation model services, which climbed 382.5% to RMB 320.0 million, reflecting a structural shift toward high-value software intelligence. Adjusted net profit, excluding non-recurring listing expenses, reached RMB 27.6 million, up 21.9%, while net cash used in operating activities narrowed by 50.2% to RMB 34.2 million. Cash and cash equivalents stood at RMB 595.6 million, keeping the financial position sound.
The company’s market position is reinforced by third-party recognitions. 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. LeadLeo Research also named HQVT a top 10 benchmark vendor in China’s physical AI industry application practice. These accolades validate the company’s competitive moat in critical physical space safety scenarios.
A significant near-term catalyst is HQVT’s inclusion in the Hang Seng Composite Index, announced on August 21, 2026. The change takes effect on September 7, 2026, and on the same day, the Shanghai and Shenzhen Stock Exchanges are expected to add HQVT to the eligible lists under the Stock Connect programs. This will enable mainland Chinese investors to trade the stock directly, broadening the investor base and potentially enhancing trading liquidity. The Stock Connect channel is expected to materially increase access to mainland capital pools.
Technologically, HQVT’s proprietary “Super Eye” perceptual platform extends vision beyond visible light into ultraviolet and thermal infrared bands, enabling early detection of micro-arcing, dielectric degradation, and thermal spikes. The platform integrates with the “Zhiyuan Origin Large Model,” which has completed dual filings with the Cyberspace Administration of China and secured Shenzhen’s official model service provider qualification. The system is deployed through a three-tier collaborative defense matrix for applications in Internet Data Centers (IDCs), power systems, and new energy infrastructure.
During the first half of 2026, HQVT secured large-scale AI foundation model deployment contracts from a prominent Shanghai state-owned enterprise and a Shenzhen-listed enterprise in the IDC space. Additionally, a strategic collaboration with Deep Robotics integrates multispectral AI modules into quadruped robotic inspection platforms for contact-free diagnostics in high-voltage substations and battery energy storage installations.
A major technical milestone was the migration of HQVT’s foundation model architecture to Edge AI terminals powered by the NVIDIA Jetson AGX Orin platform. This on-device implementation eliminates the need for expensive on-premise servers and reduces latency, drastically lowering capital expenditures and enabling instantaneous safety responses. The edge breakthrough facilitates product standardization and expands the addressable market beyond large state-owned enterprises to commercial and SME clients.
Soochow Securities, in its inaugural coverage report dated July 31, 2026, assigned 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 valuation is based on 2027E revenue of RMB 1.31 billion at a 32x P/S multiple, citing scarcity value as the only Hong Kong Main Board-listed multispectral physical AI pure-play, industry growth of over 40% CAGR, and anticipated margin recovery. The report identifies the Edge AI breakthrough as the largest near-term catalyst, with commercialization orders as the critical verification point.
Looking ahead, HQVT is directing 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 SaaS subscription tiers, HQVT aims to build recurring, high-margin international revenue streams.
The interim results were approved by the board on August 28, 2026, and the Stock Connect effective date on September 7 marks the next immediate catalyst for investor attention.
