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Chinese AI-model company building the GLM family of large language models for enterprises and developers.
Chinese AI-model company building the GLM family of large language models for enterprises and developers.
Grew out of research at Tsinghua University and sells its models to enterprises and developers, who pay for use through an API, a service that lets software call the model, or for installations on their own systems. Revenue depends on winning a limited number of large customers rather than mass subscriptions.
In one line: China's OpenAI/Anthropic.
Moat: narrow (IP / patents, scale, brand). Among the earliest and best-funded of China's foundation-model labs, but the field is capital-intensive and fast-moving.
Headquarters: Beijing, China · Founded: 2019 · Employees: 1,094
Size Z.AI Co., Ltd. -H- Reg S (2513.HK) is a Hong Kong Information Technology company (Packaged Software) with a market value of $26.5B, the 61st largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$426.20 on 6 Nov 2026.
Performance Over six months the shares fell 56.3%, against +15.5% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 2nd lowest of 19 in its peer set.
Growth Revenue grew 131.9% over the last twelve months (peer median +20.8%); the operating margin is -272.0% (peer median 7.6%).
Valuation It trades at 123.0× enterprise value to sales against a peer median of 8.0× (most expensive of 21).
Capital Return on invested capital runs 134.3 points below its cost of capital (5.3% WACC).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$1.67B | HK$786M | HK$339M | HK$138M | HK$66.8M |
| Revenue growth | — | +132% | +146% | +106% | — |
| Gross profit | HK$507M | HK$322M | -HK$105M | HK$19.9M | HK$15.4M |
| EBITDA | -HK$4.24B | -HK$3.77B | -HK$2.47B | -HK$626M | -HK$93.6M |
| Net income | -HK$4.93B | -HK$5.10B | -HK$3.21B | -HK$871M | -HK$167M |
| Free cash flow | -HK$5.57B | -HK$2.50B | -HK$2.58B | -HK$1.29B | -HK$122M |
| Capital expenditure | HK$668M | HK$25.0M | HK$144M | HK$562M | HK$36.8M |
| Total debt | n/a | HK$12.6B | HK$8.11B | HK$3.80B | HK$529M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Z.AI Co., Ltd. -H- Reg S 2513.HK | $26.5B | -56% | +132% | -272% | 123.0× | n/a |
| Baba-w 9988.HK | $266B | -25% | +8% | 4% | 1.7× | n/a |
| Bidu-sw 9888.HK | $26.4B | -43% | -1% | 7% | 1.2× | n/a |
| MiniMax 0100.HK | $7.00B | -81% | +159% | -407% | 75.3× | n/a |
| Tencent 0700.HK | $482B | -11% | +16% | 32% | 4.4× | 6.4% |
| iflytek 002230.SZ | $13.2B | -20% | +11% | -4% | 3.5× | n/a |
| SenseTime 0020.HK | $6.25B | -44% | +31% | -51% | 7.7× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2513.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -38.8% | -2.1% | 4th lowest of 21 |
| 6-month return | -56.3% | +15.5% | 2nd lowest of 19 |
| Distance from 52-week high | -85.7% | -28.5% | lowest of 21 |
| Revenue growth (TTM) | +131.9% | +20.8% | 2nd highest of 21 |
| Operating margin | -272.0% | 7.6% | lowest of 21 |
| EV / Sales | 123.0× | 8.0× | most expensive of 21 |
| ROIC minus cost of capital | -134.3 pp | -4.3 pp | lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Z.AI Co., Ltd. -H- Reg S 2513.HK | Hong Kong | $26.5B | -56% | +132% | -272% | 123.0× | n/a | n/a |
| Zoom Communications ZM | United States | $26.2B | -18% | +5% | 24% | 3.8× | 5.8% | +12.9% |
| Amadeus IT AMS.MC | Spain | $27.4B | +18% | +4% | 27% | 4.1× | 4.3% | +24.6% |
| CoreWeave CRWV | United States | $25.6B | -59% | +115% | -3% | 9.3× | n/a | n/a |
| Bending Spoons BSP | United States | $27.9B | n/a | +95% | 21% | 24.5× | 45.5% | +94.7% |
| MongoDB MDB | United States | $25.2B | +4% | +25% | -1% | 8.2× | 27.9% | +33.1% |
| Samsara IOT | United States | $24.0B | +38% | +30% | 1% | 12.6× | n/a | n/a |
| Okta OKTA | United States | $29.5B | +101% | +11% | 8% | 8.9× | 39.2% | +28.4% |
| Hithink RoyalFlush Information Network 300033.SZ | China | $22.9B | -14% | +48% | 56% | 18.4× | 37.1% | +16.3% |
| Unity Software U | United States | $22.7B | +83% | +14% | -14% | 11.3× | 33.5% | +19.1% |
| Twilio TWLO | United States | $31.3B | 0% | +19% | 8% | 5.0× | 38.2% | +23.5% |
| Zscaler ZS | United States | $32.2B | +30% | +25% | -4% | 9.1× | 20.7% | +37.9% |
| PTC PTC | United States | $21.2B | +33% | +20% | 40% | 7.7× | 10.3% | +8.6% |
| Toast TOST | United States | $20.1B | +38% | +22% | 7% | 2.5× | 28.6% | +49.5% |
| Cerebras Systems CBRS | United States | $20.1B | n/a | +91% | -81% | 19.0× | n/a | n/a |
| NBIS NBIS | United States | $35.2B | -8% | +461% | -49% | 27.5× | n/a | n/a |
| SS&C Technologies SSNC | United States | $18.2B | +13% | +9% | 24% | 3.8× | 6.9% | +6.1% |
| Atlassian TEAM | United States | $38.7B | +5% | +26% | 4% | 5.9× | 44.7% | +25.8% |
| Dassault Systemes DSY.PA | France | $39.0B | +32% | 0% | 26% | 5.3× | 8.3% | +7.0% |
| Gen Digital GEN | United States | $17.7B | +32% | +17% | 43% | 4.8× | 1.8% | +14.4% |
| F5, Inc. FFIV | United States | $17.7B | -12% | +11% | 24% | 4.8× | 9.7% | +5.6% |