2513.HK · Hong Kong
2513.HK: Foundation models + B2B AI apps (HK)
Zhipu/Z.AI foundation models + B2B AI.
Cite a section with a deep link, e.g. /en/r/zai-2513-research#thesis
Snapshot
- Price
- HKD 126
- Mkt cap
- HKD 58.6B
- Revenue
- HKD 1.2B
- Cash/runway (qualitative)
- 1
As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)
Thesis
Zhipu / Z.AI HK-listed China foundation-model name; early monetization—valuation reflects model/ToB narrative; financials may remain investment-heavy losses. Figures illustrative pending filings.
Business
Model: API/private deploy + vertical apps. Flagships: general LLM; private enterprise; verticals. Edge: Chinese enterprise channels (to be proven). Strategy: compute partnerships + apps.
Value chain
Model/app layer; upstream GPU/cloud; downstream gov/enterprise/devs. Risks: compute sanctions; price war; content regulation; talent.
Valuation
Valuation snapshot (multi-lens)
| Metric | Value | Note |
|---|---|---|
| TTM PE | N/A | 未接入具名行情源；TTM 盈利≤0 或未核验时不填造倍数 |
| PB | N/A | 待最新净资产与市值核验 |
| 股息率 | N/A | 待分红公告 / IR |
| 现价语境 | 约 126 | 2513.HK · 以包内 kpi_snapshot 时点为准 |
Valuation & return · ~3y
Interactive chart available in the reader.
Narrative-driven tech; always cross-check prospectus/filings cash burn.
Financial trend (~24 months)
Illustrative 8Q with YoY/QoQ (reconstructed from public disclosures; not audit-line):
Revenue · last 8Q
Interactive chart available in the reader.
Gross margin · last 8Q
Interactive chart available in the reader.
Net income · last 8Q
Interactive chart available in the reader.
Financial health (§A.7)
Financial health (OCF / debt / liquidity / audit)
| Item | Value | Note |
|---|---|---|
| 财务健康总评 | 见最新披露 | 以 OCF 与负债率为准 |
| 经营现金流 | 见中报 / 季报 | 与净利润匹配度 |
| 资产负债率 | 见最新资产负债表 | 有息负债 vs 现金 |
| 流动性 | 见流动比率 | 货币资金与短债 |
| 审计意见 | 无保留（常规预期） | 半年报未经审计 |
Operations
Volume: tokens/API + projects; price: API/project pricing; cost: training/inference compute.
Key financials
| Item | Value | YoY | Note |
|---|---|---|---|
| Revenue stage | Early/ramp | High YoY possible | Check filings |
| Gross margin | Volatile | — | Compute heavy |
| Cash burn | Key watch | — | Runway |
| ToB pipeline | Narrative | — | Conversion TBD |
Competition
Peer strengths/weaknesses:
Peer map
| Company | Share/role | Margin | Strength | Weakness |
|---|---|---|---|---|
| Z.AI (self) | China LLM | Early | Local models | Burn/competition |
| Tencent | Platform | High | Distribution | Not pure LLM |
| OpenAI ecosystem | Global | n/a | Models | Geopolitics |
| Other CN LLMs | Peers | Early | Price war | Crowded |
Management
Management (24m)
| Role | Name | Since | 24m change |
|---|---|---|---|
| CEO / founders | Founding team | ongoing | Verify HK disclosures |
| CFO | CFO office | IPO window | New public-company finance |
| CTO | Tech leads | ongoing | Model roadmap |
Stability: Early public-company phase—governance/disclosure still maturing.
Outlook
Track prospectus KPIs, commercial revenue, compute costs, large contracts.
Scenarios
| Scenario | Condition | Implication |
|---|---|---|
| Bull | Demand/execution beats | Upside |
| Base | Trend continues | Hold/watch |
| Bear | Cycle/competition worsens | Drawdown/reassess |
Risks
Not investment advice; defer to latest company filings.
References
Key source links:
- Latest annual/interim results and IR (issuer primary)
- HKEX / SSE / SZSE filings
- On-site China A+HK tech mcap Top20 context
- Related: power-battery competition
Not investment advice; defer to latest filings.
Tracking
Check next earnings for:
- Next-quarter revenue & margin vs guide
- OCF vs CapEx / payout
- Competitive share shifts
- Valuation vs historical mid-cycle
- Key policy / supply-chain variables
Confirm: guide hit, share stable, OCF matches earnings.
Disconfirm: guide cut, share loss, leverage stress.
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