HQVT (01392), widely recognized as the "Physical AI First Stock," published its inaugural interim report on August 28th, covering its post-listing performance. The company recorded a substantial revenue increase to RMB 411 million, an impressive 84.5% year-over-year expansion, buoyed by the steady scaling of its large model service operations. Management indicated a continued strategic focus on upgrading technology across three core dimensions: terminal hardware optimization, accelerated device-cloud synergy, and iterative enhancements to the technical middle platform, aimed at building a formidable technological edge. Furthermore, the accelerated process for the company's inclusion in the Stock Connect program is expected to attract incremental capital, potentially catalyzing a re-rating of the company's valuation and unlocking upward momentum.

Revenue Soars on the Back of Large Model Services as Key Growth Engine

According to the financial report, for the six months ending June 30, 2026, HQVT achieved operating revenue of RMB 410 million, a substantial 84.5% increase year-over-year. The primary catalyst behind this revenue surge was the explosive growth in its multispectral AI large model service business, which skyrocketed by 382.5% to RMB 320 million, now representing a significant 78% of total revenue. Excluding one-off expenses such as listing costs and share-based payment charges, the company's adjusted net profit for the period stood at RMB 27.6 million, reflecting a positive 21.9% year-over-year growth, demonstrating a healthy upward trend in its core business profitability.

Management Emphasizes R&D and Ecosystem Expansion to Fortify Industry Position

Management provided strategic insights during the results briefing. The company continues to deepen its presence in high-value sectors such as IDC data centers, power systems, and energy facilities. During the first half, it successfully secured large model deployment contracts from a Shanghai state-owned enterprise and a Shenzhen-listed company, further consolidating its vertical service capabilities within the IDC domain. On the R&D front, investment reached RMB 35.1 million, a year-over-year jump of 125.3%, with R&D personnel constituting a substantial 43.1% of the workforce. Additionally, HQVT unveiled a significant technological advancement: its large model has been successfully migrated to and deployed on the NVIDIA Jetson edge platform. This strategic move eliminates the dependence on high-performance servers, significantly lowers deployment costs for clients, and unlocks the market for standardized products targeted at small and medium-sized customers.

Potential Stock Connect Inclusion Poised to Re-rate Valuation

Of particular note to market observers, Hang Seng Indexes Company previously announced that HQVT has been selected for inclusion in the Hang Seng Composite Index, with the change scheduled to take effect on September 7th. Given the company's compliance with a range of criteria, including market capitalization and liquidity thresholds, this development is likely to pave the way for its future inclusion in the Stock Connect program. Being added to Stock Connect is expected to significantly broaden the company's investor base, attract southbound capital inflows, and potentially catalyze a re-rating of its overall valuation.