【2513 Analysis】Zhipu's performance surged 35% after earnings release. Analysis: The results reflect China's leading AI company status, with multiple indicators pointing to strong fundamentals.

AI big model shares ZhiPu Spectrum （02513） After releasing its first set of earnings following its listing, the share price surged by as much as 35% at one point, nearing 940 yuan. ZhiPu’s loss last year widened by 59%, resulting in a loss of more than 4.7 billion yuan; revenue increased 1.3 times to 724 million yuan. Among them, the open platform and API (cloud services) revenue surged by 2.9 times. The company’s R&D spending rose by nearly 45% to 3.18 billion yuan, far exceeding revenue.

In a video program for this paper, the head of research at Wing Fung Securities (Asia), Mak Ka Ka Ka, said that ZhiPu’s revenue growth last year was strong, and the main reason its losses expanded significantly was the increase in R&D spending. He expected that it would take some time to turn losses into profits, but this kind of stock market pays more attention to cash flow, future sustained revenue, and the likelihood of profitability. “This time, the earnings growth shows this. Users are willing to pay to buy and renew products, and this is very important. As long as API revenue or recurring revenue continues to climb, losses are expected to narrow in the future.”

Mak Ka Ka Ka pointed out that even though the performance results turned red, the share price still rose sharply, because the market does not evaluate ZhiPu purely using traditional earnings valuation models. “Instead, it uses China’s AI big-model leaders and their monetization capabilities in the future.” He believed the overall earnings performance tilted positively, and also highly reflected its leading position in AI. “The performance on API contribution, renewal rate, new customers, and gross margin all delivers the homework.”

She said she is confident in ZhiPu’s mid-term development prospects, but share price volatility will intensify. She advised that those who do not hold shares should first observe the 10-day and 20-day moving averages; it is not advisable to chase at the short term. Consider entering again when it pulls back. For those who already hold shares, they should separate mid-term and short-term trading strategies. The short-term position should be adjusted flexibly to cope with large share price fluctuations, keeping about 30% to 40% of the position for mid-term holding.

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