Knowledge Atlas Technology Joint Stock Company (2513) H2 2025 earnings summary

Executive summary

• Revenue surged 131.9% year-over-year to RMB724.3 million, driven by strong demand for AI model services and global expansion of the developer ecosystem.

• Gross profit rose 68.7% to RMB296.7 million, but gross margin declined to 41.0% due to a higher share of cloud business and increased delivery costs.

• Net loss widened to RMB4,718.2 million, mainly from increased R&D investment and share-based compensation.

• Adjusted net loss (non-IFRS) was RMB3,182.0 million, up 29.1% year-over-year.

• Listed on the Hong Kong Stock Exchange in January 2026, raising gross proceeds of HK$5.0 billion.

Financial highlights

• Cloud-based deployment revenue grew 292.6% to RMB190.4 million; on-premises deployment rose 102.3% to RMB534.0 million.

• Open platform/API revenue up 292.6% to RMB190.4 million; enterprise-level agents up 248.8% to RMB165.7 million.

• Gross profit margin for cloud-based deployment improved to 18.9%, while on-premises margin fell to 48.8%.

• R&D expenses increased 44.9% to RMB3,180.4 million; general/admin expenses up 278.3% to RMB505.4 million.

• Capital expenditure dropped 83.8% to RMB74.7 million due to a shift in computing power procurement strategy.

Outlook and guidance

• Expects exponential growth in token consumption and further breakthroughs in AI model capabilities in 2026.

• Focus on industrial-grade agentic engineering and global expansion of AI infrastructure.

• Aims to become the core infrastructure for token architecture capability (TAC) in the digital economy.