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2026-09-02 11:58:21 JPM released a research report stating that Z.AI (02513.HK) recorded revenue of RMB954 million in the first half of the year, up 400% YoY, missing the broker's and market expectations by 22% and 30% respectively, almost entirely due to weaker-than-expected localized deployment business. Cloud/API business revenue reached RMB825 million, surging 2,736% YoY and broadly in line with expectations, now accounting for 86.5% of total revenue. More importantly, updates after June showed that Z.AI's annual recurring revenue (ARR) reached USD1.6 billion in August, implying August revenue alone was about USD133 million, already exceeding the entire first-half API business revenue of USD123 million (RMB825 million). Management now expects ARR to reach USD2.4 billion by year-end, representing a substantial upward revision from previous guidance of USD1 billion. JPM continued to favor Z.AI's positioning in China's large language model sector, citing its rapid model iterations, effective conversion of capability improvements into paid usage, and continued enhancement in reasoning capabilities. The broker raised its 2026 and 2027 revenue forecasts by 14% and 18% respectively, while lifting the TP from HKD1,800 to HKD2,000 and reiterating an Overweight rating. (ad/j)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |