On the first day of listing, the stock of HQVT (01392), known as the "first stock of AI in physics", surged by over 300%! With funds rushing in to grab shares, its intrinsic value is expected to see a non-linear explosive growth.

HQVT, known as the "first stock of physical AI," has pushed the enthusiasm for new Hong Kong stocks to new highs with its impressive IPO performance. During the IPO stage, HQVT entered the forefront of the historical oversubscription list of the Hong Kong Stock Exchanges main board with an oversubscription ratio of about 7200 times. At the same time, the 2% first-hand lottery rate made "hard to get a share" a reality. During the grey market stage, HQVT's soaring again stirred up the market's nerves - a surge of over 260% directly placed HQVT in the top echelon of the 2026 main board new stock grey market surge list. This series of data reflects the high recognition of the investment value of HQVT by funds. On June 22, HQVT was officially listed on the main board of the Hong Kong Stock Exchange, with the stock price reaching 30 Hong Kong dollars per share at one point during the trading day, a 316.67% increase from the issue price of 7.20 Hong Kong dollars. By the end of the morning session, HQVT was trading at 25.20 Hong Kong dollars per share, with an increase of 250.00%. Although there was some pullback, this was due to short-term speculation realizing profits, which is a normal stock price fluctuation. Looking from a long-term perspective, the value release of HQVT is just beginning. When AI moves from the digital world to the physical world, the perception layer becomes the most scarce entry point. Multispectral AI is the "hardcore key" that complements machine senses - it breaks the visible light limitations, allowing machines to capture physical signals such as infrared heat radiation and ultraviolet arcs that are invisible to humans, digitizing the physical world and becoming the essential foundation for AI to land in various industries. According to Frost & Sullivan's forecast, driven by the upgrading demand for perception in areas such as smart cities, smart transportation, AI big data centers, industry, and healthcare, the global multispectral AI market will enter a period of rapid expansion: the scale will jump from 85 billion yuan in 2025 to 305.4 billion yuan in 2030, with a compound annual growth rate of 29.1%. Among them, China is not only the world's largest single market but also the core growth pole, with the market size expected to increase from 20 billion yuan to 79.4 billion yuan during the same period, with a high growth rate of 31.8%. It is worth noting that the multispectral AI large model services at the top of the value chain are experiencing an even higher growth rate of 41.1% during the same period, demonstrating strong explosiveness. The multispectral AI modules and perception terminals have growth rates of 29.7% and 31.5%, respectively, also at a high-speed growth level. Undoubtedly, multispectral AI is a "golden track" that is long and thick with snow. On this "golden track," HQVT has built multi-dimensional core competitive barriers. In terms of technology, HQVT's "photoelectric map algorithm" is independently developed throughout the entire chain, achieving a full closed-loop from the physical signal source to intelligent decision-making. At the customer level, HQVT has locked in high-value industry-leading clients. The company serves more than 2500 customers, mainly including leading state-owned telecom operators and listed AI companies in China. These customers have stable budgets, long repurchase cycles, and high replacement costs, laying a solid foundation for the company's long-term sustainable high growth. At the application scenario level, HQVT first occupies high-value scenarios. IDC data center fire protection, power inspection, new energy storage, coal mine safety, intelligent driving assistance - these are scenarios with high reliability requirements that are willing to pay for performance, especially in the market areas such as IDC and intelligent driving where HQVT has a clear first-mover advantage. In 2025, the revenue from HQVT's multispectral AI large model services in these two areas accounted for 75.4% and 20.2%, respectively. In terms of business model, HQVT has completed a qualitative leap. Relying on AI large models built from datasets of tens of millions and samples of tens of thousands of scenarios, since commercial realization began in 2024, the company has achieved strong growth momentum: the revenue from this business increased 2 times to 355 million yuan in 2025, accounting for 53.1%, successfully transitioning from "selling modules" to "selling high-value AI services." With the fortress built by the above multi-dimensional core competitive barriers, HQVT has gained a leading market position in the industry. According to Frost & Sullivan data, based on the revenue in 2025, the company not only tops the list of Chinese multispectral AI companies but also leads the multispectral AI large model services track with a market share of 23%, while holding firmly in the first echelon in the modules and terminal fields. The leading market position has helped HQVT's performance accelerate. From 2023 to 2025, its operating income was 117 million yuan, 523 million yuan, and 669 million yuan, with a three-year compound growth rate of 138.9%, and the adjusted net profit during the same period was -18.17 million, 42.94 million, and 55.245 million, showing a steep profit release curve, verifying the success of the company's business model and the strong profitability. Clearly, as the wave of physical AI approaches, HQVT is not only a witness to the times but also a core and scarce target on the golden track. By establishing hardcore barriers in the multispectral AI perception layer, the company has the ability to convert the track dividends into sustained high growth in performance. As the revenue structure shifts from "end-side hardware" to "cloud-based large model services," HQVT will undergo a profound valuation reconstruction - this is not only an improvement in profit margins but also a growth logic upgrade under a qualitative change in the business model. In the super cycle of physical AI, the double-click of HQVT's performance growth and valuation reshaping is expected to gradually materialize, driving the company's intrinsic value to experience nonlinear growth, thereby bringing more substantial returns to investors in the long term.