Z.AI

Zhipu AI (2513.HK) opened lower, briefly dipped below HKD 1,000, and closed at HKD 1,013, down about 2.9%, primarily due to muted market response to the GLM-5.3 launch and profit-taking. Despite the model showing significant improvement in coding and agent capabilities (CMBI reiterated Buy), Daiwa and Goldman Sachs noted a tepid reception, adding to valuation pressure amid a broader AI sector rout. Q4 revenue surged 108.45% YoY to HKD 297 million, but net loss widened 19.92% YoY to HKD 514 million, with EPS of -HKD 3.22. The stock trades at a P/E of -90.68 and P/B of -52.64, reflecting still-weak profitability. The price has fallen well below the HKD 1,000 mark, though technological progress from GLM-5.3 could provide future catalysts.

Z.AI opened higher but reversed sharply, closing at HKD 1142, down 5.07% from the previous close of HKD 1203, as the market gave a muted response to its GLM-5.3 model launch. Daiwa noted the model release but flagged a lackluster market reaction while maintaining a Buy rating. The stock briefly hit an intraday high of HKD 1174 in early morning trading before succumbing to profit-taking, with total volume of 382,397 shares and turnover of HKD 448 million. Q4 2025 revenue surged 108.45% YoY to HKD 297 million, but net loss widened to HKD 514 million, and net profit margin remained deeply negative at -439.97%. At HKD 1142, the stock is 61.68% below its 52-week high of HKD 2980, though YTD gain still stands at 768.44%, and it has fallen below its 60-day MA of HKD 1441, signaling technical weakness. However, CMBI reiterated its Buy rating, citing GLM-5.3's significant improvement in coding and agent capabilities.

Zhipu AI opened higher but reversed lower in the morning session, dropping from HKD 1,231 to HKD 1,206, a decline of about 5.1%, as optimism over the GLM-5.3 model launch and MSCI China Index inclusion had already been priced in, prompting profit-taking. Q4 revenue surged 108.45% YoY to HKD 296.6 million, but net loss widened 19.92% to HKD 514.4 million, with net margin still at -440%, weighing on valuation. The stock is 59.53% below its 52-week high of HKD 2,980, yet up 817.11% YTD, and trading below the 60-day MA of HKD 1,439.2. However, Daiwa's buy rating and HKD 1,500 target price offer some support.

Zhipu AI opened sharply higher and traded at a single price of 1381 HKD during the morning session, gaining about 4.9%, driven by its inclusion in the MSCI China Index and a Daiwa initiation with a Buy rating. Turnover reached about 405 million HKD. Q4 revenue surged 108.45% YoY to 297 million HKD, but net loss widened to 514 million HKD (EPS -3.22 HKD). The stock remains 53.66% below its 52-week high of 2980 HKD, yet has rallied 950.19% YTD. It is above the MA20 (1128.35 HKD) but below the MA60 (1438.5 HKD), indicating strong short-term momentum with medium-term resistance. Daiwa set a target price of RMB 1,500, though profitability remains elusive.

Zhipu AI (2513.HK) opened higher in the morning session and traded at HK$1268 as of 9:30 BJ, up about 5% from the previous close of HK$1208, driven by positive AI sector sentiment and target price upgrades from Daiwa and Morgan Stanley. Q4 revenue surged 108.45% YoY to HK$297 million, though net loss widened to HK$514 million with EPS at -HK$3.22. The MaaS platform registered users approached 7 million. The current price of HK$1266 is 57.52% below the 52-week high of HK$2980 but has surged 862.74% YTD, sitting above the 20-day MA (HK$1112.25) while still below the 60-day MA (HK$1431.85). Daiwa initiated coverage with a Buy rating and HK$1500 target price. However, both PE and PB remain negative, reflecting ongoing profitability challenges.