Z.AI Co. Ltd. (2513.HK) stock price, financials & research

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Company profile

Knowledge Atlas Technology Joint Stock Company Limited, together with its subsidiaries, engaged in the provision of large model-related services in the People's Republic of china. It operates through two segments: On-premise deployment, and Cloud-based deployment. The On-Premise Deployment Segment develops and provides customised large model-related services according to the customers' specific instructions, and needs at the customers infrastructure; and other related services such as model training and fine-tuning. The Cloud-Based Deployment Segment develops, and provides subscription-based service, usage based service, and other related services such as model training and fine-tuning through cloud infrastructure. The company offers z.ai, AutoGLM, AutoClaw, ChatGLM, Zread.ai, and AMiner. The company serves institutional customers, including private enterprises and public sector entities, as well as individual users, including individual end-users and individual developers; as well as companies, research organizations, and government agencies. The company was formerly known as Beijing Zhipu Huazhang Technology Co., Ltd. and changed its name to Knowledge Atlas Technology Joint Stock Company Limited. Knowledge Atlas Technology Joint Stock Company Limited was founded in 2019 and is headquartered in Beijing, China.

Industry: Software - Application
Sector: Technology
Headquarters: CN
CEO: Peng Zhang
Listed since: Jan 8, 2026
Employees: 1,094

Market position

Day range

Current HK$1,034

HK$1,029HK$1,150

52-week range

Current HK$1,034

HK$116.1HK$2,980

Open: HK$1,150
Previous close: HK$1,129
Volume: 2.65M; 0.65× average
Average volume: 4.05M; Average daily volume
Market cap: 461B HKD
Beta: -4.47; Market reference 1
50-day average: HK$1,434.4; -27.91% below average
200-day average: HK$941.53; +9.82% above average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value: 61.05B CNY
P/E (TTM): -84.57×
P/B (TTM): -48.2×
P/S (TTM): 555.27×
EV / EBITDA: -18.01×
Earnings yield: -8.80%
Free cash flow yield: -4.32%
Dividend yield: 0.00%

Profitability & efficiency

Gross margin: -118.58%
Operating margin: -519.80%
Net margin: -648.15%
Return on equity: 56.53%
Return on assets: -94.25%
Return on invested capital: -108.46%

Financial health

Debt / equity: -1.4×
Current ratio: 0.29×

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin

Income trends

Revenue

−148.94M CNY−461.36M CNY

Operating income

−3.66B CNY-44.33%

Net income

−4.58B CNY-54.72%

Metric (CNY)	FY2025	FY2024	FY2023	FY2022
Revenue	−148.94M CNY	312.41M CNY	124.54M CNY	57.41M CNY
Cost of goods sold	416.61M CNY	136.53M CNY	44.06M CNY	26.05M CNY
Gross profit	−565.55M CNY	175.89M CNY	80.48M CNY	31.36M CNY
Research and development	3.1B CNY	2.2B CNY	528.88M CNY	84.38M CNY
Selling, general, and administrative	—	334.88M CNY	89.92M CNY	11.74M CNY
Operating expenses	3.1B CNY	2.71B CNY	706.21M CNY	130.08M CNY
Interest income	14.45M CNY	13.41M CNY	11.24M CNY	1.43M CNY
Interest expense	77.75M CNY	32.65M CNY	7.5M CNY	788K CNY
Depreciation and amortization	273.79M CNY	279.94M CNY	68.93M CNY	20.02M CNY
Operating income	−3.66B CNY	−2.54B CNY	−625.72M CNY	−98.72M CNY
Net income	−4.58B CNY	−2.96B CNY	−787.96M CNY	−143.65M CNY