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Z.AI Co., Ltd.
ZHIPU · HKSE
trade.xyz perp price (HIP-3, Hyperliquid), not the security's own quote. Updated 2026-08-24 14:05:02 UTC.
Key figures
Money in this block is the security's own: HKD on HKSE, the market it is listed on, never re-priced to dollars. The price above is the perp's and is a different base.
Profile
| Sector | Technology |
| Country | China |
| Employees | 1,094 |
Leadership
- Dr. Debing Liu — Co-Founder & Executive Chairman
- Dr. Peng Zhang — Co-Founder, CEO, GM & Executive Director
- Mr. Shaolan Wang — Co-Founder & Deputy GM
- Dr. Jie Tang — Co-Founder & Chief Scientist
- Ms. Xiaohan Zhang — Executive Director & Employee Director
Description
Z.AI Co., Ltd., together with its subsidiaries, provides customized large model-related services in the People's Republic of China. It operates through two segments, On-premise Deployment and Cloud-based Deployment. The company develops and provides customized large model-related services according to the customers' specific instructions, and needs at the customers' infrastructure; and cloud-based large model-related services through cloud infrastructure. It also provides subscription-based and usage-based services, as well as other related services such as model training and fine-tuning. In addition, the company offers z.ai, AutoGLM, AutoClaw, ChatGLM, Zread.ai, and AMiner. The company was formerly known as Knowledge Atlas Technology Joint Stock Company Limited and changed its name to Z.AI Co., Ltd. in July 2026. Z.AI Co., Ltd. was incorporated in 2019 and is headquartered in Beijing, China.
Issuer profile: yahoo finance (yfinance). Board price: TradFi screener.
Issuer financials
What the company reports, next to what the desk trades. Statements come from Yahoo Finance and are printed in the currency the issuer reports in.
Statements are in CNY, the currency this issuer reports in. The perp price at the top of this page is in USDC on trade.xyz. Two different bases: nothing below is re-priced into the other one, and where this page does convert a figure, the rate and the day it was read stand beside it. The figures about the security itself, higher up the page, are in HKD: that is the currency it is quoted in on its exchange, and it is a third base again.
From revenue to profit
The income statement for the latest annual period, ending 2025-12-31. This is not a split by product or by region: the source publishes no segment or geography breakdown, and neither does this page.
| Period ending | Revenue | Cost of revenue | Gross profit | R&D | Selling and admin | Operating income | Net income |
|---|---|---|---|---|---|---|---|
| 2025-12-31 | ¥724.3M | ¥427.7M | ¥296.7M | ¥3.2B | ¥896.2M | −¥3.8B | −¥4.7B |
| 2024-12-31 | ¥312.4M | ¥136.5M | ¥175.9M | ¥2.2B | ¥521.1M | −¥2.5B | −¥3.0B |
| 2023-12-31 | ¥124.5M | ¥44.1M | ¥80.5M | ¥528.9M | ¥89.9M | −¥615.9M | −¥788.0M |
| 2022-12-31 | ¥57.4M | ¥26.0M | ¥31.4M | ¥84.4M | ¥11.7M | −¥100.5M | −¥143.7M |
Balance sheet
Assets, liabilities and equity at the end of each period. Click a name in the legend to drop that line.
| Period ending | Assets | Liabilities | Equity |
|---|---|---|---|
| 2025-12-31 | ¥4.9B | ¥13.0B | −¥8.1B |
| 2025-06-30 | ¥5.1B | ¥11.3B | −¥6.2B |
| 2024-12-31 | ¥4.4B | ¥8.3B | −¥4.0B |
| Period ending | Assets | Liabilities | Equity |
|---|---|---|---|
| 2025-12-31 | ¥4.9B | ¥13.0B | −¥8.1B |
| 2024-12-31 | ¥4.4B | ¥8.3B | −¥4.0B |
| 2023-12-31 | ¥2.9B | ¥3.8B | −¥982.6M |
| 2022-12-31 | ¥362.0M | ¥542.2M | −¥180.2M |
Cash flow
Cash the business produced and where it went. Capital spending is negative because it leaves.
| Period ending | Operating | Free | Capital spending | Net change in cash |
|---|---|---|---|---|
| 2025-12-31 | −¥2.2B | −¥2.3B | −¥23.1M | −¥7.9M |
| 2024-12-31 | −¥2.2B | −¥2.4B | −¥132.8M | ¥1.0B |
| 2023-12-31 | −¥648.0M | −¥1.2B | −¥508.6M | ¥1.0B |
| 2022-12-31 | −¥68.2M | −¥99.9M | −¥31.7M | ¥155.9M |
Margins
Margin per period is computed here from two published lines: gross profit over revenue, operating income over revenue, net income over revenue. The source publishes only trailing twelve-month ratios, which are in the table below. A period with no revenue gets no point.
| Period ending | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| 2025-12-31 | 41.0% | −521.9% | −651.4% |
| 2024-12-31 | 56.3% | −813.2% | −946.8% |
| 2023-12-31 | 64.6% | −494.5% | −632.7% |
| 2022-12-31 | 54.6% | −175.0% | −250.2% |
Trailing ratios
Trailing twelve months, as the source states them. Not per period and not comparable with the chart above.
| Measure | Value |
|---|---|
| Gross margin | 40.96% |
| Operating margin | −355.70% |
| EBITDA margin | 0.00% |
| Net margin | 0.00% |
| Return on assets | −51.48% |
| Revenue growth | 99.40% |
| Current ratio | 0.29 |
| Quick ratio | 0.26 |
| Cash | ¥2.8B |
| Debt | ¥1.2B |
| Revenue | ¥724.3M |
| EBITDA | −¥3.7B |
| Operating cash flow | −¥2.2B |
| Free cash flow | ¥2.5B |
Analyst recommendations
Counts as the source publishes them, for the month shown. Ratings are the analysts' own, not the desk's, and the desk does not weight them.
Average score is the source's own scale: 1 is strong buy, 5 is strong sell.
| Month | Strong buy | Buy | Hold | Sell | Strong sell | Total |
|---|---|---|---|---|---|---|
| this month | 4 | 12 | 3 | 1 | 0 | 20 |
| 1 month ago | 4 | 10 | 3 | 1 | 0 | 18 |
| 2 months ago | 3 | 10 | 3 | 1 | 0 | 17 |
| 3 months ago | 3 | 7 | 2 | 0 | 0 | 12 |
Analyst price targets
Where the analysts polled above see the price of the security going. Their numbers, not the desk's, and the desk neither weights them nor trades them.
| Measure | As published | In USD |
|---|---|---|
| Average | 1,633 HKD | $208.24 |
| Median | 1,582 HKD | $201.78 |
| Lowest | 615.83 HKD | $78.54 |
| Highest | 2,318 HKD | $295.59 |
Targets are in HKD, the currency the security is quoted in. That is the source's own answer, not a guess from the ticker's country: the price the source prints beside the targets matches the quote, and that is what fixes their base. The dollar column is a conversion, at 1 HKD = 0.127543 USD. The rate was read 2026-08-21 from ecb reference rates (eurofxref-daily). It is a measurement of its own age, not a property of the target beside it.
Next earnings
The source publishes no upcoming earnings date for this market.
Statements read 2026-08-24. Source: yahoo finance (yfinance).