Shares of HQVT (01392) surged over 8% in trading. At the time of writing, the stock was up 8.09% to HK$18.97, with a turnover of HK$21.56 million.

The company is recognized as a dual leader in China's multispectral AI industry, holding the top position for both multispectral AI and its large model services. It has built a complete closed-loop system from multispectral sensing modules to end-cloud collaborative solutions, relying on its fully self-developed technology stack, which creates a significant technical barrier.

According to Frost & Sullivan data, HQVT currently holds a 3.3% market share in China's multispectral AI sector, ranking first. Financially, the company's revenue grew from RMB 117 million to RMB 669 million between 2023 and 2025, achieving a compound annual growth rate of approximately 138.9%, representing a leap in scale. Its adjusted net profit turned positive in 2024, reaching RMB 42.94 million, and further increased to RMB 55.25 million in 2025, with a two-year profit CAGR of 28.6%.

A research report noted that, based on InfoQ data, over US$10 billion flowed into the physical AI sector within approximately 18 months leading up to June 2026, with major tech companies entering the field and financial capital making intensive bets. This trend is expected to propel physical AI into an accelerated development phase.

The report suggests the market potential for physical AI is vast and recommends focusing on areas such as world models and the 3D simulation platforms and physical data collection equipment involved in data acquisition. Companies poised to benefit from this trend include HQVT.