Shenzhen HQVT Technology Co., Ltd. (01392.HK), a leader in China’s multispectral artificial intelligence sector, has released its interim financial results for the six months ended June 30, 2026, marking its first operational report since listing on the Main Board of the Hong Kong Stock Exchange on June 22, 2026. The company reported consolidated interim operating revenue of RMB 410.5 million, an 84.5% year-over-year increase, driven primarily by a 382.5% surge in multispectral AI foundation model services, which reached RMB 320.0 million. Excluding non-recurring listing expenses, adjusted net profit grew 21.9% to RMB 27.6 million, 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 as of June 30, 2026, reflecting a sound financial position.
The company’s growth is underpinned by its proprietary “Super Eye” perceptual platform, which extends detection capabilities beyond visible light into ultraviolet and thermal infrared bands. This technology, processed via the “Zhiyuan Origin Large Model,” enables early detection of micro-arcing, dielectric degradation, and thermal spikes, preventing potential fires. HQVT has deployed this through a three-tier defense matrix used in Internet Data Centers (IDC), electrical power systems, and new energy infrastructure. During the first half, HQVT secured large-scale AI foundation model deployment contracts from a prominent Shanghai state-owned enterprise and a Shenzhen-listed enterprise. It also entered a strategic collaboration with Deep Robotics to integrate multispectral AI modules into quadruped robotic inspection platforms.
A significant technical milestone was the migration of HQVT’s foundation model to edge AI terminals powered by NVIDIA Jetson AGX Orin. This shift eliminates the need for on-premise compute servers, reduces latency, and lowers capital expenditures, making the technology accessible to a broader market, including small and medium-sized enterprises. This edge breakthrough is seen as a key catalyst for commercialization.
Financially, HQVT expanded R&D expenditure by 125.3% year-over-year, maintaining an R&D headcount ratio of 43.1% and amassing 158 registered patents, including 101 invention patents, and 46 software copyrights. The company’s market leadership is reinforced by Frost & Sullivan data, ranking first in China’s multispectral AI industry and first in the multispectral AI large model services segment by revenue. Additionally, LeadLeo Research recognized HQVT as a top 10 benchmark vendor in China’s physical AI industry application practice.
Looking ahead, HQVT’s inclusion in the Hang Seng Composite Index, effective September 7, 2026, will enable mainland Chinese investors to trade its stock via the Stock Connect programs, potentially broadening its investor base and enhancing trading liquidity. The company plans to use IPO capital for capacity expansion, edge-model iterations, and international go-to-market strategies, including partnerships with Singapore-based LINKWISE for Southeast Asian data centers and channel rollouts in the Middle East and Europe. Soochow Securities, in its inaugural coverage, assigned a “Buy” rating with a target price of HK$58.57, implying significant upside from its September 4 closing price of HK$27.42, citing the company’s scarcity value as the only Hong Kong Main Board-listed multispectral physical AI pure-play.
