Lyon: First Grant Knowledge Atlas (02513) "Hold" Rating, Target Price of 1,500 Hong Kong Dollars.

Lyon released a research report stating that they gave a "hold" rating for KNOWLEDGE ATLAS (02513) for the first time, citing high valuation (2027 fiscal year forecast price-to-sales ratio of 57 times) with a target price of HK$1,500. The bank pointed out that KNOWLEDGE ATLASAI is a leading basic model laboratory in China, successfully transforming cutting-edge research into enterprise revenue based on tokens. With strong talent reserves, corporate customers, and data flywheel support, it is expected to be well positioned to capture the value in the AI model layer over the next decade.