Z.AI Co., Ltd. -H- Reg S

Z.AI Co., Ltd. -H- Reg S

52.64
EUR
-4.20
(-7.39%)
Mar 03Next Earn
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
0.13
0.28
0.71
1.65
- -
Basic EPS, GAAP
-0.33
-1.79
-6.72
-10.72
- -
Free Cash Flow per Basic Share
-0.23
-2.63
-5.4
-5.15
- -
Dividend per Share
- -
- -
- -
- -
- -
Book Value per Share
-0.41
-2.23
-8.99
-18.38
-18.38
Tangible Book Value per Share
-0.46
-2.45
-9.19
-18.59
-18.59
Basic Weighted Avg Shares
440
440
440
440
440
Sales/Revenue/Turnover
57
125
312
724
- -
Operating Margin (%)
-175.01
-494.55
-813.22
-521.86
- -
Depreciation Expense
20
69
280
281
- -
Net Income, GAAP
-144
-788
-2,958
-4,718
- -
Effective Tax Rate (%)
- -
- -
- -
- -
- -
Profit Margin (%)
-250.22
-632.7
-946.82
-651.38
- -
Working Capital
-232
-1,745
-4,822
-8,835
-8,835
LT Debt
- -
204
458
378
378
Total Equity
-180
-983
-3,955
-8,111
-8,111
Return on Invested Capital (%)
- -
- -
- -
- -
- -
Return on Capital (%)
- -
- -
- -
- -
- -
Return on Common Equity (%)
- -
- -
- -
- -
- -

Capital Structure

CNY

•

in mil. unless spec.
Jun'25
Dec'25
ST Debt
351
856
LT Borrowings
- -
85
LT Finance Leases
386
294
Preferred Equity and Hybrid Capital
- -
- -
Shares Outstanding
440
440
Market Capitalization
- -
- -

Working Capital

CNY

•

in mil. unless spec.
Jun'25
Dec'25
Total Current Assets
3,740
3,571
Cash, Cash Equivalents & STI
3,212
2,745
Accounts Receivable, Net
146
303
Inventories
-2
72
Total Current Liabilities
10,829
12,406
Payables & Accruals
- -
- -
ST Debt
351
856
Deferred Revenue
- -
- -

Growth Rates

CNY

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
- -
105.07%
Free Cash Flow
- -
- -
-4.56%
Net Income, GAAP
- -
- -
59.5%
Sales/Revenue/Turnover
- -
- -
131.85%
Total Cash Common Dividend
- -
- -
- -

Semi-annual Revenue

CNY

•

in mil. unless spec.

Year

H1
H2
FY
2023
- -
- -
125
2024
- -
- -
312
2025
- -
- -
724

Semi-annual Earnings Per Share

CNY

•

in mil. unless spec.

Year

H1
H2
FY
2023
- -
- -
-1.79
2024
- -
- -
-6.72
2025
- -
- -
-10.72

Semi-annual Dividends Per Share

CNY

•

in mil. unless spec.

Year

H1
H2
FY
2023
- -
- -
- -
2024
- -
- -
- -
2025
- -
- -
- -

Company Description

CEO
Peng Zhang
Full Time Employees
1,094
Sector
Technology services
Industry
Packaged software
Address
Building 9 Beijing BE China 100190
IPO Date
Jan 8, 2026
Website
zhipuai.cn
Business
Knowledge Atlas Technology Joint Stock Company Limited (2513.HK) operates as a leading provider of large-model related services in the People’s Republic of China, focusing on cognitive intelligence platforms and enterprise AI solutions. The company develops and commercializes a suite of large language models and AI tools, and delivers model-as-a-service capabilities across multiple industries. Main products and services - Large language models and cognitive intelligence platforms: GLM-series models designed for reasoning, coding, and enterprise AI applications; multi-modal capabilities including visual processing; developer APIs and enterprise-grade deployment options. - MaaS and AI agent platforms: MaaS (Model-as-a-Service) platform enabling rapid integration and access to GLM models for developers and organizations; enterprise AI agents and automation tools such as CoCo, an intelligent automation agent for corporate environments. - Open platforms and tooling: Zhipu QingYan conversational AI; AutoGLM browser-enabled tools; AutoClaw client for local OpenClaw deployment; GLM-PC and AMiner/Youshi platforms for knowledge and research-oriented use cases. - Industry-specific AI solutions: tailored applications across medical/health, automotive, gaming and entertainment, cultural tourism, smart terminals, and smart manufacturing, with API access and enterprise services. - Model and data services: model management, evaluation, fine-tuning support, and access to a broad ecosystem of models via an integrated platform. Latest major company changes - Rebranding and corporate positioning: formerly known as Beijing Zhipu Huazhang Technology Co., Ltd., the company has rebranded as Z.ai (formerly Zhipu AI) to reflect its broader international and domestic AI platform strategy, while maintaining core model offerings and developer ecosystems. - Product and platform expansions: launches and updates to local deployment tools and client solutions, including one-click local installation clients and integrated skill sets for enterprise automation; expansion of multi-modal model offerings and ecosystem integrations across the MaaS framework. - Strategic ecosystem development: enhancement of partnerships and alliances around model access, enterprise deployments, and cross-platform integration to broaden usage in enterprise, government, and research sectors. - Geographic and market expansion: ongoing scaling of operations and support across major Chinese markets, with continued emphasis on international collaboration and access through open-platform tooling and API services. Additional context - Industry and segments: artificial intelligence; large-model platforms; cognitive intelligence; enterprise AI solutions; developer tools; AI agents; multi-modal models. - Target markets: institutions and enterprises seeking scalable AI capabilities; research organizations; government agencies; individual developers and end-users through consumer-facing services. - Geographic operations: PRC focus with services and platforms available to developers and enterprises through cloud-based and local deployment options; operations anchored in Beijing with broader national reach. - Founding year and headquarters: founded in 2019; headquarters previously anchored in Beijing, with the broader China-wide operations and development network. - Subsidiaries/relational structure: operates as part of a broader family of AI brands and platforms under Z.ai; maintains upstream relationships with research and university-origin innovation pipelines and downstream enterprise deployment partners. Founding and leadership context - The company traces its origins to an AI research lineage associated with Tsinghua University’s knowledge engineering initiatives, and has evolved into a major market participant in China’s AI ecosystem through continuous model development, platform expansion, and strategic ecosystem building.