Shenzhen HQVT Technology Co., Ltd. (01392.HK), a leader in China's multispectral artificial intelligence sector, has announced its interim financial results for the six months ended June 30, 2026, marking its first operational scorecard since listing on the Hong Kong Stock Exchange on June 22, 2026. The report reveals accelerating commercial momentum, with consolidated interim operating revenue reaching RMB 410.5 million, a year-over-year increase of 84.5%. The primary growth driver was multispectral AI foundation model services, which surged 382.5% to RMB 320.0 million, significantly boosting the segment's revenue contribution. Excluding non-recurring listing expenses, adjusted net profit rose 21.9% to RMB 27.6 million, while cash and cash equivalents stood at RMB 595.6 million as of June 30, 2026.
The company's technological foundation is its proprietary "Super Eye" perceptual platform, which extends detection beyond visible light into ultraviolet and thermal infrared bands. This system, powered by the "Zhiyuan Origin Large Model," detects micro-arcing, dielectric degradation, and thermal spikes before combustion occurs, deployed through a three-tier collaborative defense matrix. In 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 Internet Data Center (IDC) sector. Additionally, a strategic collaboration with Deep Robotics integrates multispectral AI modules into quadruped robotic inspection platforms for electrical power systems and new energy infrastructure.
A major technical milestone was the migration of HQVT's foundation model architecture to compact Edge AI terminals powered by the NVIDIA Jetson AGX Orin platform. This on-device implementation eliminates the need for expensive on-premise servers, reduces latency, and lowers capital expenditures, making the technology accessible to a broader commercial market and small and medium-sized enterprises. This edge breakthrough is seen as a significant near-term catalyst, with Soochow Securities assigning a "Buy" rating and a target price of HK$58.57, implying approximately 113% upside from the September 4 closing price of HK$27.42.
HQVT's market leadership is underscored by its ranking first in China's overall multispectral AI industry and in the multispectral AI large model services segment, according to Frost & Sullivan data. The company was also recognized by LeadLeo Research as a top 10 benchmark vendor in China's physical AI industry application practice. On August 21, 2026, Hang Seng Indexes announced HQVT's inclusion in the Hang Seng Composite Index, effective September 7, 2026. This inclusion will trigger simultaneous addition to the Shanghai and Shenzhen Stock Connect programs, enabling mainland Chinese investors to trade the stock from September 7 onward. This is expected to significantly broaden HQVT's investor base and enhance trading liquidity.
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 Software-as-a-Service (SaaS) subscription tiers, HQVT aims to build recurring, high-margin international revenue streams. The interim results approval by the board on August 28, 2026, and the September 7 Stock Connect effective date are immediate catalysts for investor attention.
