According to 1M AI News monitoring, AI model company Zhipu (2513.HK) saw its stock price surge 32.44% today. Its total market cap reached 409.5 billion Hong Kong dollars, hitting a new all-time high. Zhipu listed on the Hong Kong Stock Exchange on January 8 at an issue price of 116.20 Hong Kong dollars, with a market cap of about 52.8 billion Hong Kong dollars on its first day of trading.
After market close yesterday, Zhipu released its first annual report following its listing. Total revenue for 2025 was 724 million yuan, up 131.9% year over year, but below analysts’ earlier expectation of 756 million yuan; net loss was 4.718 billion yuan, widening 59.5% year over year. Gross profit rose 68.7% year over year to 297 million yuan, while the gross margin fell from 56.3% to 41.0%. The company said this was mainly due to an increased share of cloud-based business lowering the overall figure. Research and development expenses were 3.18 billion yuan, up 44.9%, which is 4.4 times the revenue for the same period.
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