On September 29, HQVT fell 5.41% in regular trading, trading at HK$25.3/share, with turnover of HK$4.3558 million. The stock extended its pullback for the second consecutive session following a massive rally.

On the news front, HQVT had accumulated a nearly 100% gain over the preceding week, fueled by multiple catalysts including its formal inclusion in Stock Connect, the selection of its proprietary Origin AI Foundation Model into the Shenzhen municipal model service institution catalog, and the release of a multispectral AI industry whitepaper by Frost & Sullivan. Following such a sharp run-up, short-term profit-taking pressure has been steadily unwinding.

On the fundamental side, the company reported first-half revenue of RMB 410 million, up 84.5% year-over-year, with multispectral AI model service revenue surging 382.5% to RMB 320 million. However, interim gross margin declined 7.2 percentage points year-over-year to 20.3%, primarily due to a higher hardware component share in certain large model-service orders. Shareholder-attributable profit also narrowed, raising concerns over earnings quality that may be amplifying high-level consolidation pressure.

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