Shenzhen HQVT Technology (1392) investor relations material

Executive summary

• Operating revenue for H1 2026 reached RMB410.5 million, up 84.5% year-over-year, driven by rapid growth in multispectral AI large model services.

• Net profit attributable to owners was RMB7.7 million, down 24.7% year-over-year, mainly due to increased R&D and listing expenses.

• Adjusted net profit (excluding listing and share-based payment expenses) was RMB27.6 million, up 21.9% year-over-year, reflecting core business profitability.

• Gross profit margin declined to 20.3%, a decrease of 7.2 percentage points year-over-year, due to a higher hardware component ratio in large orders.

• The company completed its listing on the Hong Kong Stock Exchange in June 2026, raising HK$536.8 million in net proceeds.

Financial highlights

• Revenue: RMB410.5 million (H1 2026), up from RMB222.5 million (H1 2025).

• Net profit: RMB7.7 million, down from RMB10.2 million year-over-year.

• Adjusted net profit: RMB27.6 million, up from RMB22.6 million year-over-year.

• Gross profit: RMB83.3 million; gross margin: 20.3% (down from 27.5%).

• R&D expenses: RMB35.1 million, up 125.3% year-over-year.

• Cash and cash equivalents: RMB595.6 million as of June 30, 2026.

Outlook and guidance

• Focus on deepening R&D in on-device/cloud collaboration, hardware optimization, and technology platform iteration.

• Plans to expand in high-value sectors and accelerate internationalization in Southeast Asia, Middle East, Europe, and North America.

• Continued investment in talent and industry-academia collaboration to support innovation.

• Strategic cooperation with Linkwise Technology in Singapore to drive Southeast Asian market expansion.