--- title: "API price increased by 83% and is still being snapped up! What insights does the KNOWLEDGE ATLAS 2025 annual report reflect on the AI track?" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/281312522.md" description: "On April 1st, KNOWLEDGE ATLAS released its 2025 annual report, with operating revenue reaching 724 million yuan, a year-on-year increase of 131.9%. The company's MaaS API platform achieved an annual recurring revenue (ARR) of 1.7 billion yuan, with API call volume increasing by 400% year-on-year. Despite an 83% increase in API pricing, market demand remains strong. Research and development expenses reached 3.18 billion yuan, and net losses widened to 4.718 billion yuan. The capital market reacted positively, with related industry chain targets generally rising, indicating an accelerated release of the prosperity dividend in the AI computing power industry chain" datetime: "2026-04-01T06:18:09.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/281312522.md) - [en](https://longbridge.com/en/news/281312522.md) - [zh-HK](https://longbridge.com/zh-HK/news/281312522.md) --- > 支持的语言: [English](https://longbridge.com/en/news/281312522.md) | [繁體中文](https://longbridge.com/zh-HK/news/281312522.md) # API price increased by 83% and is still being snapped up! What insights does the KNOWLEDGE ATLAS 2025 annual report reflect on the AI track? On April 1st, the stock price of the Hong Kong-listed company KNOWLEDGE ATLAS surged significantly, reaching an increase of 30.8% as of the time of publication, with a total market capitalization of HKD 404.4 billion. On the evening of March 31st, KNOWLEDGE ATLAS released its first annual performance report since going public, achieving an annual revenue of RMB 724 million for the full year of 2025, a substantial year-on-year increase of 131.9%, making it the largest independent large model company in terms of revenue scale in China. Among this, revenue from cloud deployment reached RMB 190 million, a staggering year-on-year increase of 292.6%, demonstrating continuous commercialization capabilities. During the performance briefing held at the same time, the management of KNOWLEDGE ATLAS disclosed more forward-looking operational data. The company's MaaS API platform has achieved an annual recurring revenue (ARR) of RMB 1.7 billion over the past 12 months, a 60-fold increase compared to the same period last year; in the first quarter of 2026, after raising API call pricing by 83%, market demand remains in short supply, with API call volume increasing by 400% year-on-year, placing KNOWLEDGE ATLAS among the top vendors in China for paid token consumption. At the same time, the annual report data shows that the company's R&D expenditure for 2025 reached RMB 3.18 billion, a year-on-year increase of 44.9%, with net losses expanding to RMB 4.718 billion during the year. The sustained high-intensity R&D investment has become the core support for the company's model capability iteration and continuous breakthroughs in commercialization. The signals released by this annual report and performance briefing are not limited to the commercialization progress of large model vendors themselves but also reflect that the prosperity dividend of the entire AI computing power industry chain is accelerating its release. When the API call volume of large model vendors surges with a year-on-year growth rate of 400%, each call represents a continuous consumption of computing power resources, and this rigid demand is rapidly transmitted along the industrial chain to more vertical fields upstream and downstream. The capital market has already provided clear feedback on this. On April 1st, the A-share market saw a strong performance across core targets in the computing power industry chain. As of the time of publication, AI chip leader Cambricon rose by 6.8%, AI server leader Inspur Information rose by 3.6%; further upstream, optical module leader Zhongji Xuchuang rose by 4.6%, and memory interface chip leader Lanqi Technology rose by 3.8%. In contrast, the market performance of related targets on the large model application side has been relatively flat. Behind this differentiation is a clear logic of industrial dividend transmission. The commercialization competition in the domestic large model industry has fully shifted from the early "price war" to the "value war," with real demand on the downstream application side continuing to explode, and certain industrial dividends are being transmitted upstream along the industrial chain. From AI chips to AI servers, from optical modules to optical fiber cables, an increasing number of vertical segments are beginning to capture the demand dividends brought about by this round of AI industry explosion. From Cambricon to Inspur Information, from Zhongji Xuchuang to Lanqi Technology, the trends in the capital market have already provided a clear answer: as the demand on the application side of AI large models enters a period of scaled explosion, the high prosperity of the entire computing power industry chain is being continuously validated by operational data Cover image source: KNOWLEDGE ATLAS official website ### 相关股票 - [KNOWLEDGE ATLAS (02513.HK)](https://longbridge.com/zh-CN/quote/02513.HK.md) ## 相关资讯与研究 - [OpenClaw effect: explosion in AI token use adds fuel to Chinese AI development](https://longbridge.com/zh-CN/news/280792478.md) - ["The New Era of Tokens": Ten Questions and Answers about China's AI Industry](https://longbridge.com/zh-CN/news/281014143.md) - [China’s Zhipu AI Coding Agent Finds Viral Demand in the US](https://longbridge.com/zh-CN/news/273419014.md) - [Chinese Robot Maker Inovance Picks Banks for Potential Hong Kong Listing](https://longbridge.com/zh-CN/news/281110863.md) - [HKIC chief sees opportunities in advanced tech across China and Hong Kong](https://longbridge.com/zh-CN/news/280872819.md)