From SOTA to revenue machine

Research evidence excerpt

From SOTA to revenue machine

Macquarie Equity Research Knowledge Atlas Technology (Zhipu)

Key Risks to Investment Thesis Company Description

• Unclear path to profitability and funding risks. Zhipu is a leading independent AI company in China

• Dependence on computing resources and R&D talent. specialising in general-purpose large language models. Since

• Data security, privacy, and model hallucination. its establishment in 2019, it has developed proprietary model

architectures and a scalable Model-as-a-Service (Maas)

• Sanctions and export controls. platform, enabling the commercialisation of large models

across enterprise, public sector, and developer use cases.

Notably, the GLM family, especially GLM-5 series, target

complex systems engineering and long-horizon agentic tasks,

and has shown superior performance in agentic engineering

and coding tasks.

Figure 1 - Zhipu: Revenue by segment Figure 2 - Zhipu: Gross profit by segment

Rmb mn Rmb mn

30,000 14,000

25,000 12,000

10,000

20,000

8,000

15,000

6,000

4,000

5,000 2,000

0 -

2024 2025 2026E 2027E 2028E 2024 2025 2026E 2027E 2028E

Open platform & API Enterprise-level agents Open platform & API Enterprise-level agents

Enterprise-level large models Technical service & others

Source: Company data, Macquarie Research, July 2026 Source: Company data, Macquarie Research, July 2026

Knowledge Atlas Technology (Zhipu) (2513 HK) CNY/(m) unless otherwise noted

Income Statement Dec FY 2025A 2026E 2027E 2028E 2H/25A 1H/26E Balance Sheet 2025A 2026E 2027E 2028E

Revenue 724.3 3,139 11,973 27,574 533.5 1,137 Cash 2,259 35,315 34,929 36,368

Cost of Goods Sold 427.7 1,988 7,538 16,058 332.2 746.1 Receivables 698.9 860.1 2,624 4,533

Gross Profit 296.7 1,151 4,435 11,516 201.2 390.9 Inventories 125.8 345.4 1,309 2,789