Shares of HQVT (01392), hailed as the "first stock in physical AI," delivered a stellar IPO performance, reigniting enthusiasm for Hong Kong new share subscriptions. During the offering phase, the company already garnered significant attention, with its oversubscription rate reaching approximately 7,200 times, placing it among the top historical oversubscriptions for a Main Board listing. Concurrently, a mere 2% allotment rate for one board lot made securing shares exceptionally difficult. The pre-market, or "dark pool," trading session further electrified the market, with shares soaring over 260%, propelling HQVT into the top tier of 2026 Main Board IPO pre-market gainers. This series of metrics underscores the market's strong conviction in the company's investment value.
On June 22nd, HQVT commenced official trading on the Hong Kong Main Board. Its share price surged to a high of HK$30 intraday, representing a staggering 316.67% increase from its IPO price of HK$7.20. By the morning session close, the stock was trading at HK$25.20, still up 250.00%. While the price retreated from its peak, this is attributed to short-term speculators taking profits, representing typical market volatility. From a long-term investment perspective, the true value realization for HQVT is only just beginning.
The Core Driver: Multispectral AI as the Essential Gateway
As AI transitions from the digital to the physical world, the perception layer becomes the most critical and scarce entry point. Multispectral AI serves as the fundamental key to equipping machines with comprehensive sensory capabilities. It transcends the limitations of visible light, enabling machines to capture physical signals invisible to the human eye—such as infrared thermal radiation and ultraviolet electric arcs—thereby digitizing the physical world. This technology forms an essential foundation for deploying AI across countless industries.
According to Frost & Sullivan projections, driven by escalating perception demands in smart cities, intelligent transportation, AI data centers, industrial, and medical sectors, the global multispectral AI market is poised for rapid expansion. Its size is expected to leap from RMB85 billion in 2025 to RMB305.4 billion by 2030, reflecting a compound annual growth rate (CAGR) of 29.1%. Notably, China is not only the world's largest single market but also the core growth engine. Its market size is forecast to grow from RMB20 billion to RMB79.4 billion over the same period, achieving a higher CAGR of 31.8%.
It is worth highlighting that multispectral AI large model services, positioned at the high-value end of the chain, are projected to grow at a remarkable CAGR of 41.1% during this period, demonstrating exceptional explosive potential. The growth rates for multispectral AI modules and perception terminals are also robust at 29.7% and 31.5% respectively, indicating a high-growth trajectory across the value chain. Undoubtedly, multispectral AI represents a "golden track" with a long runway and significant potential.
HQVT's Multidimensional Competitive Advantages
Within this promising sector, HQVT has established a multi-dimensional competitive moat. Technologically, the company has achieved full-chain in-house R&D of its "Optical-Sensing-Imaging-Computing" platform, creating a closed-loop system from the physical signal source to intelligent decision-making. On the client front, HQVT has secured high-value, leading benchmark customers. It serves over 2,500 clients, primarily including China's leading state-owned telecom operators and prominent listed AI companies. These clients offer stable budgets, long renewal cycles, and high switching costs, providing a solid foundation for the company's sustainable, high-quality growth.
Regarding application scenarios, HQVT has established first-mover advantages in high-value segments. These include fire prevention in IDC data centers, power grid inspections, new energy storage, coal mine safety, and intelligent driving assistance—all scenarios demanding extreme reliability and willingness to pay for superior performance. HQVT holds a clear early-mover advantage, particularly in burgeoning fields like IDC and intelligent driving. In 2025, revenue from its multispectral AI large model services derived from these two areas accounted for 75.4% and 20.2%, respectively.
Business Model Evolution and Market Leadership
At the business model level, HQVT has achieved a qualitative leap. Leveraging its AI large model, built on millions of data sets and hundreds of thousands of scenario samples, the company's commercial monetization since 2024 has demonstrated strong momentum. Revenue from this service surged 200% in 2025 to RMB355 million, increasing its contribution to total revenue to 53.1%. This successfully marks the company's transition from "selling modules" to "selling high-value AI services."
These multi-dimensional competitive strengths have cemented HQVT's leading market position. According to Frost & Sullivan, based on 2025 revenue, the company not only ranks first among Chinese multispectral AI enterprises but also commands a dominant 23% market share in the multispectral AI large model services segment. It also maintains a top-tier position in both the module and terminal sectors.
Accelerating Financial Performance and Future Outlook
This leading position is fueling an acceleration in HQVT's financial performance. From 2023 to 2025, its operating revenue grew from RMB117 million to RMB669 million, achieving a three-year CAGR of 138.9%. Over the same period, its adjusted net profit shifted from a loss of RMB18.171 million to profits of RMB42.944 million and RMB55.245 million, respectively. This steep profit growth curve validates the success of its business model and robust profitability.
Clearly, as the wave of physical AI surges forward, HQVT is not merely an observer but a core and scarce investment target within this golden sector. With its formidable barriers in the multispectral AI perception layer, the company is well-positioned to translate sectoral tailwinds into sustained high earnings growth. Furthermore, as its revenue mix shifts from "edge hardware" towards "cloud-based large model services," HQVT is poised for a profound valuation reassessment. This encompasses not just margin improvement but an elevation of its growth narrative driven by a fundamental business model transformation.
Positioned within the super-cycle of physical AI, HQVT stands to benefit from a potential "Davis Double Play" of earnings growth and valuation re-rating. This combination could drive a non-linear explosion in the company's intrinsic value, ultimately promising substantial long-term returns for investors.
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