On June 22, the Chinese multispectral AI technology company, Shenzhen HQVT Technology Co., Ltd. (referred to as HQVT, stock code: 01392.HK), was officially listed on the Main Board of The Stock Exchange of Hong Kong Limited (the HKEx). This marks a new phase of global development for the company.
Founded in 2013 and headquartered in Shenzhen, HQVT is a technology firm specializing in multispectral AI. By integrating ultraviolet, infrared, visible light, and other multi-band sensing capabilities with AI algorithms, it identifies early risk signals such as electrical leakage, equipment aging, and abnormal temperature rises. This helps clients in high-value scenarios like power systems, data centers, and new energy and energy storage to enhance their intelligent perception and on-site analysis capabilities for anomalies in the physical world.
In 2025, HQVT was recognized by the Ministry of Industry and Information Technology as a national-level "Little Giant" enterprise focused on specialized and sophisticated technologies. According to a Frost & Sullivan report, based on revenue, HQVT ranked first in market share among Chinese multispectral AI enterprises in 2025.
Building a Full-Chain "Light-Sensing-Computing" Technical Capability
Regarding technical capabilities, HQVT has comprehensively built a full-chain competency covering optical components, sensing modules, edge computing, and algorithm models based on its "Light-Sensing-Computing" technical architecture. The company employs an "edge-cloud synergy" technical system. On the edge side, lightweight AI computing units support instant on-site identification, inference, and analysis, with inference speeds as low as 50 milliseconds, maintaining low-latency operation even in offline or low-bandwidth environments. In the cloud, the company's self-developed "Zhiyuan Qiyuan" large model is designed for multi-scenario applications, accumulating risk samples and optimizing algorithm strategies to continuously improve risk analysis capabilities in complex scenarios. Particularly in early fire characteristic identification, the model's accuracy exceeds 95%.
Leveraging these technical capabilities, HQVT has served over 2,500 clients and accumulated extensive on-site experience in high-value scenarios such as data centers and power systems. The risk characteristics, alarm results, and handling feedback from these real-world scenarios provide strong support for the company's further algorithm optimization and model iteration.
Significant Commercialization Results: Transitioning from Product Sales to High-Value Services
HQVT's commercial achievements have been validated across multiple fields. From 2023 to 2025, the company's operating revenue grew from RMB 117 million to RMB 668 million, representing a compound annual growth rate of 138.9%. The company achieved profitability starting in 2024, with an adjusted net profit of RMB 55.245 million in 2025.
Notably, HQVT is transitioning from a company focused on single product delivery to a solution and service provider centered on its multispectral AI large model. In 2025, revenue from its multispectral AI large model services reached RMB 355 million, accounting for 53.1% of total revenue. This business revolves around algorithm optimization, model iteration, and comprehensive analysis for complex scenarios, serving the needs for early risk identification and on-site analysis in high-value scenarios like power systems, data centers, and new energy and energy storage. This reflects the extension of HQVT's business model from module and terminal sales to model-driven solutions and service capabilities.
As a national-level specialized "Little Giant" enterprise, HQVT continues to invest in R&D, with its R&D team comprising over 40% of its total workforce, providing a solid foundation for sustained technological innovation. As of June 1, 2026, the company had registered 101 invention patents.
IPO Proceeds to Support R&D and Market Expansion
According to the Frost & Sullivan report, the global multispectral sensing market was valued at approximately RMB 85 billion in 2025, with North America and Europe accounting for 25% and 28% of the market share, respectively. It is projected to reach RMB 305.4 billion by 2030.
According to its prospectus, HQVT plans to use the IPO proceeds to enhance R&D capabilities, increase product development investment, expand production capacity, strengthen business development, advance overseas market expansion, and supplement working capital.
The listing on the HKEx will support HQVT's subsequent R&D investments, product iterations, and market expansion. It is also expected to help raise awareness of the application of multispectral AI technology in high-value scenarios such as power systems, data centers, and new energy and energy storage.
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