Lyon: The self-developed chip of KNOWLEDGE ATLAS (02513) is as expected. The road to overseas expansion is still bumpy.

Lyon released a research report, stating that after the lifting of restrictions on KNOWLEDGE ATLAS (02513), theoretically, there will be an additional 25.6 million tradable shares, equivalent to 5.8% of the total issued shares. The Chinese media quoted sources from KNOWLEDGE ATLAS, stating that nearly 70% of cornerstone investors have expressed their intention to hold long-term. In addition, there are reports indicating that KNOWLEDGE ATLAS is considering designing its own chips, and reports suggesting that the Chinese government is considering restricting overseas access to top AI models in China. Lyon expects that the stock price of KNOWLEDGE ATLAS will fluctuate in the coming days due to frequent news and increased liquidity. From a fundamental perspective, Lyon believes that KNOWLEDGE ATLAS's plan to develop its own chips aligns with expectations. This move is expected to enhance its full-stack service capabilities, autonomy, and profitability; however, it requires strong financial resources, and the execution speed will impact its long-term ARR growth trajectory. The report mentioned that since the release of GLM 5.2, opportunities in overseas markets have been a focus of investor attention. However, Lyon believes that the road to overseas expansion may still be bumpy due to regulatory requirements, data security, and other factors. The bank believes that a tiered model system may be a feasible solution, where cutting-edge models are kept proprietary in labs, or provided only to specific clients. The official disclosure of ARR data could be the next key catalyst, as the market's expectations are significantly ahead of previous guidance.