Shares of HQVT (01392) opened higher and continued to climb throughout the morning session, at one point surging more than 17% to an intraday high of HK$33.34, marking a fresh record high since listing. Over the past three trading sessions, the stock has accumulated gains exceeding 60%. As of the time of writing, the shares are up nearly 14% at HK$31.46, with turnover reaching HK$74.78 million.

On the news front, Frost & Sullivan released its "2026 Multispectral AI Industry Development White Paper" on September 14, indicating that China's multispectral AI industry is transitioning from commercial validation to large-scale deployment. The market size of China's multispectral AI sector is projected to reach approximately RMB 20 billion in 2025, with a compound annual growth rate of roughly 31.8% expected from 2025 to 2030.

HQVT possesses a full-chain delivery capability encompassing "modules, terminals, and industry-specific large models." Midstream integrators and algorithm providers are progressively building a closed-loop capability across "data, models, products, and scenarios," with the industry's competitive focus shifting from standalone hardware products to comprehensive scenario understanding and sustained service capabilities.

Notably, as a rare Hong Kong-listed multispectral physical AI enterprise that has already achieved successful commercial deployment, HQVT recently delivered its first impressive half-year results since listing. In the first half of this year, the company recorded total revenue of RMB 410 million, up 84.5% year-on-year. After excluding one-off listing expenses, adjusted net profit reached RMB 27.6 million, up 21.9% year-on-year. Among these results, revenue from multispectral AI large-model services surged to RMB 320 million, representing a substantial 382.5% increase year-on-year. The revenue share from this segment jumped from 29.8% directly to 78%, establishing it as the absolute primary growth driver.