Zheshang Securities research report points out that KNOWLEDGE ATLAS (02513.HK) is expected to increase its operating revenue from RMB 57.4 million in 2022 to RMB 724.3 million in 2025, with a four-year compound growth rate exceeding 130%, continuously validating its commercialization capabilities; the gross margin of its core business has maintained above 40% in the long term, and the cost structure has completed the transition from labor-intensive to technology-driven, aligning its development model with industry trends.

The firm expects the company to achieve operating revenues of RMB 2.865 billion, RMB 6.995 billion, and RMB 16.389 billion from 2026 to 2028, with year-on-year growth rates of 295.58%, 144.13%, and 134.29%, respectively; corresponding to price-to-sales ratios of 121 times, 50 times, and 21 times. Zheshang Securities initiates coverage with a "Buy" rating