HK Stock Market Move | Z.AI (02513) rises over 5% again; year-end ARR guidance raised by 25%; easing of compute bottleneck is expected to unlock the next stage of growth.

Z.AI (02513) rose over 5% again, up 5.61% as of press time, at HK$781.5, with turnover of HK$3.4 billion. On the news front, Z.AI recently held a conference call for analysts and investors, during which management disclosed several key pieces of information. These included: compute supply is no longer the main constraint on revenue growth in the short term; a breakthrough has been achieved in revenue-sharing cooperation with cloud service providers; Co-work commercialization is progressing faster than expected, with industry order value for Co-work exceeding RMB 1 billion within one month of the GLM-5.3 release; and Z.AI's year-end ARR (annual recurring revenue) guidance was raised from US$2.4 billion to US$3 billion, an increase of 25%. This year, Z.AI has continued to expand its compute capacity and has improved compute utilization efficiency through measures such as All-in-infra and the acquisition of Zhongke Jiahe. After completing a US$5 billion refinancing on September 11, Z.AI once again expanded its compute footprint. The company believes that after this expansion, its compute scale is already sufficient to support rapid business growth and continued research and development of larger-scale models. Morgan Stanley believes that the easing of the company's compute bottleneck is expected to unlock the next stage of growth.