On September 28, HQVT fell 6.41% in regular trading to HK$29.7 per share, with turnover of approximately HK$5.17 million, as profit-taking pressure continued following a dramatic rally.

The stock had surged nearly 100% over the preceding week, fueled by a string of catalysts including its formal inclusion in Stock Connect, its proprietary Zhiyuan Origin large model being selected for the Shenzhen Municipal Bureau of Industry and Information Technology's official model service institution list, and the release of Frost & Sullivan's Multi-Spectral AI Industry White Paper positioning the sector for scaled commercialization. The stock has since entered a phase of wide-range high-level consolidation, with alternating sharp pullbacks and rebounds in recent sessions.

On the fundamental side, HQVT reported H1 total revenue of RMB 410 million, up 84.5% year-over-year, driven by multi-spectral AI large model service revenue of RMB 320 million, surging 382.5%. However, gross margin declined 7.2 percentage points to 20.3%, as higher hardware content in large model service orders weighed on profitability, while shareholder-attributable profit also narrowed.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)