Shenzhen HQVT Technology Co., Ltd. (01392.HK) has released its first interim financial results since its Main Board listing on June 22, 2026, revealing a significant acceleration in commercial momentum. The company reported consolidated operating revenue of RMB 410.5 million for the six months ended June 30, 2026, an 84.5% year-over-year increase. This growth was primarily fueled by its multispectral AI foundation model services, which surged 382.5% to RMB 320.0 million. Excluding non-recurring listing expenses, adjusted net profit reached RMB 27.6 million, up 21.9% from the prior-year period.
The results highlight a strategic shift toward high-value software intelligence, with the company's proprietary "Super Eye" perceptual platform and "Zhiyuan Origin Large Model" at the core. These technologies extend detection into ultraviolet and thermal infrared bands, enabling early detection of micro-arcing and thermal anomalies in critical infrastructure. The company has deployed this through a three-tier defense matrix, securing contracts in Internet Data Centers (IDC) and electrical power systems, including a collaboration with Deep Robotics for quadruped robotic inspection.
A major technical milestone was the migration of its foundation model to Edge AI terminals powered by NVIDIA Jetson AGX Orin. This on-device implementation reduces capital expenditures and latency, making the technology accessible to a broader commercial market and SMEs. Soochow Securities, in its initial coverage, assigned a "Buy" rating with a target price of HK$58.57, citing the Edge AI breakthrough as the largest near-term catalyst.
The company's market leadership is underscored by its first-place ranking in China's multispectral AI industry according to Frost & Sullivan. Additionally, HQVT has been included in the Hang Seng Composite Index, effective September 7, 2026, which will enable trading via Stock Connect, broadening its investor base and enhancing liquidity. This inclusion is expected to attract significant mainland Chinese capital.
Financially, HQVT maintains a sound position with cash and cash equivalents of RMB 595.6 million as of June 30, 2026. R&D expenditure increased by 125.3%, with a portfolio of 158 registered patents. The company is directing IPO proceeds toward expanding production capacity, advancing edge-model iterations, and international expansion, including partnerships with Singapore-based LINKWISE for Southeast Asian data centers and planned rollouts in the Middle East and Europe. By combining standardized edge hardware with cloud-based SaaS subscriptions, HQVT aims to build recurring international revenue streams.
