HK Stock Market Move | HQVT (01392) surged over 10% after earnings, with its mid-term large model business skyrocketing by 382.5%. Incremental funds are expected to catalyze a reevaluation of the company's value.

HQVT (01392) has risen over 10% post-announcement, currently up 10.03% at HKD 26.34, with a trading volume of HKD 3.589 million. On the news front, on August 28, "the first stock of physical AI" HQVT announced its first semi-annual report since going public. With the steady expansion of its large model service business, the company's revenue surged significantly, achieving an operating income of RMB 411 million, a year-on-year increase of 84.5%. The management pointed out that they will continue to focus on three core evolution dimensions: optimizing terminal hardware, accelerating end-cloud collaboration, and iterating the technology middle platform to upgrade technology and build a solid technological barrier. In addition, the company's pace of "entering the market" has accelerated, and the influx of new capital is expected to catalyze a revaluation of the company's value, opening up upward space. The financial report shows that for the six months ending June 30, 2026, HQVT achieved an operating income of RMB 410 million, a substantial year-on-year increase of 84.5%. The explosive growth of the core DRIVE comes from the surge in the multispectral AI large model service business, which saw revenues soar by 382.5% year-on-year to RMB 320 million, accounting for 78% of total revenue. After excluding the impact of one-time expenses such as listing fees and share-based payment expenditures, the companys adjusted net profit for the first half of the year was RMB 27.6 million, reflecting a positive growth of 21.9% year-on-year, with the main business maintaining a good growth trend.