Today’s Potential Stock | Zhipu AI: Performance Is Rising, and the Stock Price Is Moving Faster

Zhipu is a Hong Kong Stock, 2513HK. Its January issuance price this year was 116.2 HKD, and in June it briefly surged to 2,980 HKD. In less than half a year, it climbed over 20x, driven by model upgrades, the scarcity of pure large-model offerings, and investors’ enthusiasm for domestic AI.

The fundamentals really have improved. In 2025, revenue reached 724 million yuan, a year-on-year increase of 132%. Revenue from APIs and enterprise intelligent agents makes up close to half, indicating the company is starting to shift from selling projects to charging based on Tokens and tasks.

But the books are also heavy. Full-year R&D spending is 3.18 billion yuan—about 4.4 times revenue. Even on an adjusted basis, losses are also 3.18 billion yuan. The stronger the model, the higher the compute power, talent, and R&D costs.

Zhipu is worth looking at for the long term, but the current price is not suitable to chase.

After that, just watch three things: API revenue, Agent paid plans, and narrowing losses. The stock price has already priced in a lot of future expectations. If the financial report falls slightly short of expectations, the pullback will also happen quickly.

#智谱AI #港股 #人工智能 #GLM