Knowledge Atlas Technology: Strong AI asset, coding data flywheel intact: initiate at Buy

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Knowledge Atlas Technology: Strong AI asset, coding data flywheel intact: initiate at Buy

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Knowledge Atlas Technology

Strong AI asset, coding data flywheel

intact: initiate at Buy

Initiating Coverage: BUY | PO: 1,250 HKD | Price: 1,097 HKD

Top independent AI lab in China focusing on coding/agent 15 June 2026

We initiate coverage on Knowledge Atlas Technology (known as Zhipu AI) with a Buy Equity

rating. Zhipu AI is a leading foundation model company in China with strong Tsinghua-

linked research roots, high R&D talent density and early monetization across enterprise Alex Liu >> Research Analyst

deployments and cloud-based API services. Its GLM model family and CodeGeeX coding Merrill Lynch (Hong Kong)

product demonstrate strong model capability and practical commercial traction, while +852alex.liu3@bofa.com3508 5090

public-sector and enterprise demand provide a differentiated channel for domestic AI Joanna Du >>

infrastructure adoption. Despite China’s increasingly competitive model layer, we believe Research Analyst

Merrill Lynch (Hong Kong)

Zhipu should be able to sustain lead on coding capability via data flywheel, while joanna.du@bofa.com

enhance compute access, ecosystem integration and distribution. Key near-term

events/catalysts: IPO cornerstone lock-up expiration (July 7), new model upgrade (2H26

to 1H27), A-share listing (potentially 2H26-2027).

Stock Data

Expect rapid cloud-driven ARR growth; investment high Price 1,097 HKD

We forecast Zhipu’s revenue to grow from RMB724mn in 2025 to RMB20bn in 2028E, Price Objective 1,250 HKD

driven mainly by cloud-based deployment and API consumption. We expect cloud-based Date Established 12-Jun-2026

revenue to rise from RMB190mn in 2025 to RMB17bn in 2028E, becoming the key Investment Opinion C-1-9