Marking the company's inaugural operational scorecard following its listing on the Main Board of the Stock Exchange of Hong Kong on June 22, 2026, the interim report confirms accelerating commercial momentum across its core product lines. According to Frost & Sullivan data, HQVT ranks first in China's overall multispectral AI industry and first in the multispectral AI large model services segment by revenue, reinforcing its established competitive moat across critical physical space safety scenarios. Further underscoring its market leadership, HQVT was recently recognized by LeadLeo Research as a top 10 benchmark vendor in China's physical AI industry application practice.
Hong Kong Stock Connect Inclusion Set to Unlock Mainland Capital and Enhance Trading Liquidity
Hang Seng Indexes announced on August 21, 2026, that HQVT has been officially included in the Hang Seng Composite Index. The index change will be implemented after the market close on September 4, 2026, and will take effect on September 7, 2026. Upon this effective date, both the Shanghai and Shenzhen Stock Exchanges are expected to simultaneously add HQVT to the list of eligible stocks under the Stock Connect programs (Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect). This will formally enable mainland Chinese investors to trade the stock through their Stock Connect accounts from September 7 onward.
The Stock Connect channel is expected to significantly broaden HQVT's investor base by providing access to mainland China's substantial retail and institutional capital pools. The influx of mainland investors via Stock Connect is poised to materially enhance trading liquidity.
Recent Financial Developments Of The Company
The financial results reflect a structural shift toward high-value software intelligence, with consolidated interim operating revenue reaching RMB 410.5 million, representing a strong year-over-year increase of 84.5%. The primary growth engine was multispectral AI foundation model services, which surged 382.5% year-over-year 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% compared to the prior-year period, while net cash used in operating activities narrowed by 50.2% year-over-year to RMB 34.2 million, and cash and cash equivalents amounted to RMB 595.6 million as at 30 June 2026, keeping the financial position sound. To support long-term product differentiation, HQVT expanded its R&D expenditure by 125.3% year-over-year, maintaining an R&D headcount ratio of 43.1% and amassing a portfolio of 158 registered patents (including 101 invention patents) and 46 software copyrights.
Proprietary Multispectral Sensing Across Mission-Critical Infrastructure
HQVT's technological foundation centers on its proprietary "Super Eye" perceptual platform, an integrated vision architecture that extends detection capabilities beyond visible light 380 nm – 780 nm into the ultraviolet 10 nm – 380 nm and thermal infrared 780 nm – 1 mm bands. Processing sensory inputs via the proprietary "Zhiyuan Origin Large Model"—which has completed dual filings with the Cyberspace Administration of China (CAC) and recently 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 combining Tier-1 rack-level internal monitoring, Tier-2 room-level spatial sensing, and Tier-3 autonomous robotic patrol scanning.
This technological framework achieved significant commercial milestones across key industrial verticals during the first half of 2026. In the Internet Data Center (IDC) space, 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. Concurrently, in electrical power systems and new energy infrastructure, the company entered into a strategic collaboration agreement 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.
Edge AI Breakthrough and Scalable Global SaaS Expansion
A major technical milestone during the interim period 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. By removing the necessity for expensive on-premise compute servers and eliminating cloud-network latency, this on-device implementation drastically lowers initial capital expenditures while ensuring instantaneous safety responses. This edge breakthrough transforms HQVT's commercial delivery model, facilitating product standardization and expanding the company's 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 on HQVT dated July 31, 2026, assigns a "Buy" rating with a target price of HK$58.57 per share—implying approximately 113% upside from the Sept 04 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 notes that the Edge AI breakthrough serves 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 is positioning itself 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 represent the two immediate catalysts for investor attention.
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