Shenzhen HQVT Technology Co., Ltd. (01392.HK) 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 Stock Exchange of Hong Kong on June 22, 2026. The results reveal a structural shift toward high-value software intelligence, with consolidated operating revenue reaching RMB 410.5 million, an 84.5% year-over-year increase. The primary growth engine was multispectral AI foundation model services, which surged 382.5% to RMB 320.0 million, elevating the segment's revenue contribution. Excluding non-recurring listing expenses, adjusted net profit reached RMB 27.6 million, up 21.9% from the prior-year period. Operating cash flow improved significantly, with net cash used in operating activities narrowing by 50.2% to RMB 34.2 million, while cash and cash equivalents stood at RMB 595.6 million as of June 30, 2026.
According to Frost & Sullivan data, HQVT ranks first in China's multispectral AI industry and first in the multispectral AI large model services segment by revenue, reinforcing its competitive moat across critical physical space safety scenarios. The company was also recognized by LeadLeo Research as a top 10 benchmark vendor in China's physical AI industry application practice. This market leadership is underpinned by substantial R&D investment, which expanded by 125.3% year-over-year, maintaining an R&D headcount ratio of 43.1% and a portfolio of 158 registered patents, including 101 invention patents, and 46 software copyrights.
In a significant development for shareholder value, Hang Seng Indexes announced on August 21, 2026, that HQVT has been included in the Hang Seng Composite Index. The inclusion will take effect after the market close on September 4, 2026, and will be effective on September 7, 2026. On that date, both the Shanghai and Shenzhen Stock Exchanges are expected to add HQVT to the list of eligible stocks under the Stock Connect programs, enabling mainland Chinese investors to trade the stock through their Stock Connect accounts. This inclusion is poised to broaden HQVT's investor base significantly, providing access to mainland China's substantial retail and institutional capital pools, thereby enhancing trading liquidity.
HQVT's technological foundation is its proprietary 'Super Eye' perceptual platform, an integrated vision architecture that extends detection capabilities beyond visible light into ultraviolet and thermal infrared bands. Processing sensory inputs via the proprietary '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 detects micro-arcing, dielectric degradation, and localized thermal spikes long before physical combustion occurs. This capability is deployed through a three-tier collaborative defense matrix that includes rack-level internal monitoring, room-level spatial sensing, and autonomous robotic patrol scanning.
During the first half of 2026, HQVT achieved significant commercial milestones. In the Internet Data Center (IDC) sector, where high-velocity forced-air cooling systems often dilute smoke and hinder traditional detectors, HQVT secured large-scale AI foundation model deployment contracts from a prominent Shanghai state-owned enterprise and a Shenzhen-listed enterprise. In electrical power systems and new energy infrastructure, the company entered into a strategic collaboration with Deep Robotics to integrate multispectral AI modules into quadruped robotic inspection platforms, enabling contact-free, online fault diagnostics across high-voltage substations, cable interlayers, and distributed battery energy storage installations.
A major technical milestone was the successful migration of HQVT's foundation model architecture from centralized server clusters to compact Edge AI terminals powered by the NVIDIA Jetson AGX Orin platform. This on-device implementation removes the need for expensive on-premise compute servers and eliminates cloud-network latency, drastically lowering initial capital expenditures while ensuring instantaneous safety responses. This edge breakthrough transforms HQVT's commercial delivery model, facilitating product standardization and expanding its addressable client base beyond large state-owned enterprises into the broader commercial market and small and medium-sized enterprises.
Soochow Securities, in its inaugural coverage report dated July 31, 2026, assigns 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 broker's valuation is anchored on 2027E revenue of RMB 1.31 billion at a 32x P/S multiple, citing the stock's scarcity value as the only Hong Kong Main Board-listed multispectral physical AI pure-play, the industry's 40%+ CAGR, and anticipated margin recovery as hardware costs are amortized across repeat projects. The report highlights the Edge AI breakthrough as the single largest near-term catalyst, with commercialization orders representing the critical verification point for investors.
Looking ahead, HQVT is directing its IPO capital toward expanding production capacity, advancing edge-model iterations, and executing an international go-to-market strategy. To penetrate overseas markets, the company has partnered with Singapore-based LINKWISE to accelerate deployments across Southeast Asian data centers and is actively 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 for analytics and diagnostic reporting, HQVT aims to build recurring, high-margin international revenue streams within the global physical AI safety sector. 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.
